Joe and Jim Purchase Vegetables at a Grocery Store,but Jim

question 105

Multiple Choice

Joe and Jim purchase vegetables at a grocery store,but Jim also grows vegetables in his back yard.Regarding these two practices,which of the following statements is correct?

• A)Only Joe's grocery store purchases are included in GDP.
• B)Only Joe's and Jim's grocery store purchases are included in GDP.
• C)Joe's and Jim's grocery store purchases are included in GDP.The vegetables from Jim's backyard garden are included at their market value.
• D)Joe's and Jim's grocery store purchases are included in GDP.The vegetables from Jim's backyard garden are included at their market value,if Jim provides this information.

---

Definitions:

Good

An item or product that can be transported, used, or consumed, typically something produced for sale or trade.

Statute Of Frauds

The Statute of Frauds is a legal principle that requires certain types of contracts to be in writing and signed by all parties in order to be enforceable.

Specifically Manufactured

Items that are custom made to a buyer's specifications, often relevant in contract law regarding unique goods.

UCC

The Uniform Commercial Code (UCC) is a comprehensive set of laws governing all commercial transactions in the United States, intended to standardize and harmonize the law of sales and other commercial transactions across the country.