Determine Whether Each of the Following Would Be Included in GDP,and

question 52

Essay

Determine whether each of the following would be included in GDP,and explain why or why not.
(A)You buy a used car from a friend.
(B)You buy a used car at the local dealership.
(C)You are an at-home parent and spend your day cleaning house,cooking meals,and caring for the children.
(D)You hire a nanny to clean your house,cook your meals,and care for your children.

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Definitions:

Term Life Insurance

An insurance policy that provides coverage at a fixed rate of payments for a limited period of time, after which coverage expires without accumulating cash value.

Whole Life Insurance

A type of permanent life insurance policy that provides coverage for the insured's entire life, typically including a savings component.

Premiums

Payments made for insurance coverage, representing the cost of the insurance policy to the holder, typically made on a regular basis.

Death Certificate

An official document issued by a government, recording the date, location, and cause of a person's death.