Which of the Following Correctly Lists What Is Included in the Consumption

question 21

Multiple Choice

Which of the following correctly lists what is included in the consumption component of GDP?

• A)household purchases of services and household purchases of nondurable goods but not any household purchases of durable goods
• B)household purchases of nondurable goods and durable goods other than residential construction but not household purchases of services
• C)household purchases of services,nondurable goods,and all durable goods
• D)household purchases of services,nondurable goods,and durable goods other than residential construction

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Definitions:

Nondisclosure

A failure to provide pertinent information about a projected contract.

Basic Assumption

A fundamental principle or belief that is accepted as true without proof.

Voidable

Refers to a legal distinction indicating that an agreement or transaction can be nullified or canceled by one of the parties involved.

Rescinded

Describes an action whereby a contract, order, or agreement is revoked, canceled, or repealed.