New Home Construction Is Included in the Consumption Component of GDP

question 120

True/False

New home construction is included in the consumption component of GDP.

---

Definitions:

Project Cost

The total expenses incurred in the undertaking of a project including materials, labor, equipment, and overhead costs.

Crash Cost

Crash Cost relates to the increased costs associated with speeding up a project's timeline, beyond the standard pace, to achieve an earlier completion.

Normal Duration

The standard or expected time period something takes to complete under typical circumstances.

Critical Path

The longest sequence of activities in a project plan, which determines the shortest possible duration for completing the project.