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:

Substitutability

The degree to which one product or service can be replaced by another without affecting functionality or satisfaction.

Alternatives

Different options or strategies available for consideration when making a decision.

Machiavellianism

is a personality trait characterized by a manipulative nature, a lack of morality, and a focus on personal gain.

Networking

Building and maintaining relationships and connections with others, typically for professional or social purposes.