If a Friend Helps You with Your Homework,it Will Not

question 2

True/False

If a friend helps you with your homework,it will not be calculated in the GDP accounts.But if you hire a tutor who reports the income,the services will be counted in GDP.
Nonmarket production does not get counted in official GDP figures.

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Definitions:

Balance Sheet

A financial statement that presents a snapshot of a company’s financial condition at a specific point in time, detailing assets, liabilities, and equity.

Transactions

The act of conducting business, involving the exchange of goods, services, or financial assets in return for money or value.

Stockholders' Equity

The residual interest in the assets of a corporation that remains after deducting its liabilities; represents the ownership interest of shareholders.

Balance Sheet

A financial statement that displays a company's financial position at a specific point in time, showing assets, liabilities, and shareholders' equity.