Which of the Following Is Not Part of GDP

question 15

Multiple Choice

Which of the following is not part of GDP?

• A)​the value of a new home built and purchased during the year
• B)​the value of shares of Microsoft stock bought and sold during the year
• C)​the value of long distance telephone services rendered during the year
• D)​the value of new furniture produced during the year

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Definitions:

Standard Cost System

A cost accounting system that uses predetermined costs for estimating the actual cost of production.

Actual Results

The real values or outcomes achieved after the completion of a particular period, project, or activity, typically compared against previously set targets or budgets.

Variable Overhead Efficiency Variance

This is the difference between the actual hours taken to produce something and the standard hours expected, multiplied by the variable overhead rate per hour.

Supplies Cost

The cost associated with materials and items that are consumed or used in the process of producing goods or providing services.