Which of the Following Would Not Be Included in GDP

question 12

Multiple Choice

Which of the following would not be included in GDP?

• A)you hire someone to fix a leaky faucet
• B)you clean the house before relatives visit
• C)the value of housing services if you own your own home
• D)an unplanned drop in business inventories
• E)the Federal government buys U.S.soybeans to ship to Russia

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Definitions:

Unconstitutional Conditions

The principle that the government cannot condition the receipt of a government benefit or the ability to participate in a government program upon the waiver of a constitutionally protected right.

Just Compensation

Refers to the compensation or remuneration required by law to be paid to an individual whose property has been taken for public use, ensuring the payment is fair and adequate.

Takings Clause

A provision in the Fifth Amendment of the U.S. Constitution that prohibits the government from taking private property for public use without "just compensation."

Fair Market Value

The price at which a willing buyer and a willing seller, both having reasonable knowledge of the relevant facts and not under any compulsion, would likely agree to transact.