Estimates of the Values of Which of the Following Non-Market

question 40

Multiple Choice

Estimates of the values of which of the following non-market goods or services are included in GDP?

• A)the value of unpaid housework
• B)the value of services provided by major household appliances purchased in a previous period
• C)the estimated rental value of owner-occupied homes
• D)All of the above are included in GDP.

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Definitions:

Raw Materials Used

Resources consumed in the production process to create goods and services.

Factory Labor Used

The total hours worked or costs incurred for labor directly involved in the production process of a manufacturing facility.

Factory Labor Costs

Expenses associated with employing workers in a manufacturing facility, including wages, benefits, and other related costs.

Pension Costs

Expenses related to retirement plans funded by an employer for the benefit of employees.