Educational Services Provided by Public Schools Are

question 190

Multiple Choice

Educational services provided by public schools are:

• A)included in GDP at market prices.
• B)included in GDP at cost.
• C)excluded from GDP because they are not sold in markets.
• D)excluded from GDP because they are intermediate goods.

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Definitions:

Accrued Expenses Payable

Liabilities for expenses that have been incurred but not yet paid, recorded on a company's balance sheet.

Part-Time Workers

Employees who work less than the full-time hours defined by their employer, often with a varying schedule.

Accounts

Records relating to all financial transactions of an entity, which are used to prepare financial statements.

Insurance

A financial product sold by insurance companies to safeguard against the risk of financial losses, both big and small, that may result from damage to the insured or their property, or from liability for damage or injury caused to a third party.