Which of the Following Activities Would Be Included in GDP

question 64

Multiple Choice

Which of the following activities would be included in GDP?

• A) You buy a cake from a local bakery for $30.
• B) You pay a friend $30 to bake a cake.
• C) You bake a cake for yourself.
• D) All of these would be included in GDP.

---

Definitions:

Prices on Imports

The cost at which goods are brought into one country from another, which may include additional fees like tariffs and taxes.

Ethics of Protectionism

The moral principles governing policies designed to restrict international trade to protect local industries from foreign competition.

Competitive Advantage

The attribute that allows an organization to outperform its competitors, including cost structure, product offerings, brand reputation, and customer loyalty.

Tariffs

Taxes imposed on imported goods, which can affect international trade by increasing the cost of goods and services.