Which One of the Following Transactions in a Particular Year

question 108

Multiple Choice

Which one of the following transactions in a particular year is included in gross domestic product for that year?

• A) Social Security payments to retirees
• B) The government pays a computer services company that assisted in the delivery of Social Security payments to retirees.
• C) A car is produced in the previous year and remains in inventory for the entire year under consideration.
• D) A stay-at-home parent performs housework that the family would otherwise have paid a maid $20,000 a year to perform.

Understand how the opportunity cost of leisure influences labor supply decisions.

Understand the role and impact of social media in crisis management and communication.

Identify best practices for social media use by entertainment professionals.

Comprehend key strategies for personal branding and audience engagement on social media.

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Definitions:

Business Enterprises

Organizations engaged in commercial, industrial, or professional activities, aiming to generate profits from their operations.

CICA Handbook

The official guide published by the Canadian Institute of Chartered Accountants detailing accounting standards and practices in Canada.

IFRS

International Financial Reporting Standards, which are a set of accounting standards developed by the International Accounting Standards Board (IASB).

U.S. GAAP

United States Generally Accepted Accounting Principles, the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC) for financial reporting.