If You Make Dinner for Yourself

question 173

Multiple Choice

If you make dinner for yourself,

• A)the market value of your dinner is added to GDP.
• B)your service in preparing the meal is valued at a cook's wage and added to GDP.
• C)none of what you bought to prepare for dinner is included in GDP.
• D)only the market value of ingredients that you purchased this year is added to GDP.
• E)the difference between the cost of the ingredients that you purchased this year and the market value of the dinner is added to GDP.

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Definitions:

Limited Liability Company

A legal form of business organization that combines elements of a corporation and a partnership or sole proprietorship, limiting the owners' personal liability.

Double Taxation

The imposition of two or more taxes on the same income, asset, or financial transaction, often seen in corporate dividends.

Owners Called Members

A term typically used in limited liability companies (LLCs) where the owners are referred to as members.

Accounting Equation

The fundamental equation of double-entry bookkeeping, stating that assets = liabilities + owners' equity.