Which of the Following Would Definitely Not Be Included in the Measurement

question 25

Multiple Choice

Which of the following would definitely not be included in the measurement of GDP?

• A) value of the services of a painter who paints your garage
• B) value of the services of a person who mows his or her own lawn
• C) value of the services of a maid who cleans your house
• D) value of the services of a plumber who fixes your kitchen sink

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Definitions:

Average Variable Cost

The total variable costs (costs that change with output level) of production divided by the quantity of output produced.

Fixed Costs

Fixed costs are business expenses that remain unchanged regardless of the level of goods or services produced, such as rent, salaries, and insurance premiums.

Variable Cost

Costs that vary directly with the level of production or sales, such as raw materials and labor expenses.

Steel

An alloy of iron and carbon, and sometimes other elements, known for its high tensile strength and ability to be shaped into various forms.