Which of the Following Would Be Included in GDP

question 146

Multiple Choice

Which of the following would be included in GDP?

• A)payment of the monthly telephone bill by Mr.Laconic
• B)the purchase of corporate stock by Steven Jones
• C)the purchase of a used limousine by Harold Abel
• D)the value of a pair of mittens your mother knitted for you
• E)the $300 George saved because he painted his own garage

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Definitions:

Fixed Overhead Budget

A financial plan that estimates the fixed costs needed to produce goods or services over a specific period.

Volume Variance

The difference between the expected (budgeted) volume of activity and the actual volume, and its impact on the budgeted costs.

Control

The process of gathering feedback to ensure that a plan is being properly executed or modified as circumstances change.

Budgets

A financial plan for a defined period, often one year, detailing projected revenues and expenses.