Which of the Following Is Not Included in GDP

question 116

Multiple Choice

Which of the following is not included in GDP?

• A)carrots grown in your garden and eaten by your family
• B)carrots purchased at a farmer's market and eaten by your family
• C)carrots purchased at a grocery store and eaten by your family
• D)None of the above are included in GDP.

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Definitions:

Inelastic

A description of a product or service's demand when its quantity demanded does not significantly change in response to price changes.

Perfectly Inelastic

Perfectly inelastic describes a market situation where the demand for a product does not change in response to a change in price.

Upsloping

Characteristic of a curve or line that rises as it moves to the right, often used in economics to describe certain supply curves or cost functions.

Incentive Function

The role of incentives in influencing the behavior and decisions of individuals or organizations.