All of the following are included in GDP EXCEPT a. the income from a garage sale. Explain your decisions. The rise in life expectancy over time c. Child care… Social Security payments received by a retired factory worker. Explain your answer in each case. GNP/GDP (Macroeconomics) > 15.0 GNP/GDP Quiz Social Studies & History 9-12, College/Adult GNP/GDP Quiz Which of the following lists of goods and services would be included in calculating GNP? Which one of the following economic activities is not in the tertiary sector? a. Which of the following would NOT be included in GDP? it's a hypothetical figure and it would be silly to include it in national accounting books. The $20,000 profit I made by selling my home. b. Mr. King paints houses for a living.This activity is included in GDP. (iii) Salary of residents of Japan working in Indian embassy in Japan. Rent received on a two-bedroom house. 3. B. Goodyear Tire Company manufactures 250,000 tires. Which are not? 1. If it is counted, explain what kind of spending and/or what kind of income it is. Which of the following activities are not included in the underground economy? The income of a dentist 2. Illegal drug dealing. Trade Policies For the Developing Nations 43. The new GDP calculations will see the UK factor in the proceeds from prostitution and illegal drug sales. Not counted in GDP 5.2 This question tests your knowledge of what activities are included in calculating GDP. Life expentancy2. 38. GDP has several shortcomings when measuring the economy's performance. Following option are included in US GDP.Any activities that create value are added to GDP A Coco cola built bottling plant. Q. imputed rent is not included in national income! A. e. Burglary. Drug trafficking. b. d. the sale of an ice cream cone. Interest earned against foreign securities 4. b. 5. A monthly check … B. Moonlighting. Education3. You'll be asked to identify items that are included in the GDP calculation. Which of the following are actually included in GDP and/or NI? d. Purchasing plastic surgery. Which of the following activities can be included in the calculation of GDP. The following are excluded. Play this game to review Economics. CHAPTER-2 Sectors of the Indian Economy SECTORS OF ECONOMIC ACTIVITIES VERY SHORT ANSWERS:- 1.Give one example of major economic activity. All About GDP Part A Is This Counted as Part of GDP? Which of the following are included and which are excluded in calculating this year’s GDP? Which of the following are included in this year’s GDP? In this set, 11 important questions based on India's Gross Domestic Product (GDP… GDP is a measure of the production of new goods and services. So if a German-owned company has a factory in the United States, the output of this factory would be included in U.S. GDP, but in German GNP. Explain in each instance. About This Quiz & Worksheet This quiz/worksheet combo will test your knowledge of gross domestic product (GDP). (i) Profits earned by a branch of foreign bank in India. The cost of hospital stays b. Underground Economy The underground economy is the sector that includes profitable illegal activities, such as human trafficking, illegal immigration, gambling, extortion and drug trade. 4. As such, capital gains on existing assets play no role in GDP accounting. c. Prostitution. A) firms' purchases of new equipment B) intermediate goods and services C) consumption of Primary sector economic activity such as cultivation… Read … a. Infant mortalitySelect the correct answer using the codes given below. More broadly, accounting for the activities of the financial sector is one of the counted) in GDP and related to their cards. Give reasons for your answer. answer choices haircut at Fantastic Sams Buying 1,000 $ of Fantastic Sams Stock Buying shampoo at Fantastic Sams haircut at … Measuring Total Output 1. Counted as part of net exports C. Which of the following are included and which are excluded in calculating GDP? 1. For additional activities and resources, see the links in this article. Which of the following are production activities that are included in GDP? c. Mrs. King earns income from parents by taking baby photos in her home photography studio. Interest on an AT&T corporate bond. c. the value of a new house. a. (ii) Salaries of Indian employees working in embassy of Japan in India. We made it much easier for you to find exactly what you're looking for on Sciemce. 11. The EU is following a ‘best practices’ directive which was set out by the United Nations in 2008, although the figures across Europe will undoubtedly be difficult to calculate and standardise. Many questions related to India's economy are asked in almost every competitive exam held in India. b. the value of a new car. Enjoy our search engine "Clutch." Decide for each item whether it is part of GDP and, if so, to which expenditure category it belongs.Purchase of 100 shares of General Motors For example, unpaid work (such as that performed in the home or by volunteers) and black-market activities are not included because they are difficult to measure and value accurately. Which of the following is included as an addition to the GDP of country of X during the 2015 year? Comparative GDP 39. a) Social security payments received by … In a similar fashion, housework performed by members of the household is not included in the GDP, even though the same work, when performed by paid house cleaners, is. Money laundry. GDP per capita (PPP US )4. 6. Households’ activities of a housewife. Which are not? Capital Formation - Technical Progress 40. * Intermediate goods - These are goods or services used in the production of a final good or service. D. Working in the coal mining industry. The National Economy Ans. Income from illegal activities are not included in the GDP, and hence GDP understates actual economic activities. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. Solution for Which of the following are included in GDP, and which are not? Sugar is both a final good (sold directly to consumers) and an intermediate good (sold to you need to understand fully what each mean. Counted as part of consumption B. Click hereto get an answer to your question ️ Which of the following items are included in the Human Development Index?1. a. Mr. King performs the service of painting his own house instead of paying someone else to do it. (a) Banking (b) Bee keeping (c) Teaching (d) Working in a call centre (b) Bee keeping 21. E. Working while collecting unemployment benefits. Decide for each item whether it is part of GDP and, if so, to which expenditure category it belongs The cost of launching a space shuttle by NASA is: A. The Balance of Payments 44. that's not right. A. Texas Instruments produces computer chips at a manufacturing facility in Indonesia. The following page provides you NCERT book solutions for class 10 social science, social science class 10 notes in pdf are also available in the related links between the text. Alternative Theories Of The Firm 41. c. The unpaid services To assess or close the discussion , have students complete Activity 1, “Components of GDP If not counted, explain whether it should be, or simply cannot be. Social security payment received by a retired factory worker. b. Click hereto get an answer to your question ️ How will you treat the following in the calculation of Gross Domestic Product of India? They are not excluded because they are immoral, but the amounts are not reported. Which of the following activities would be included in the calculation of GDP for the United States? 31) Prices for which of the following are included in the GDP deflator, but not included in the Consumer Price Index? Which of the following are production activities that are included in GDP? C. Illegal gambling. a. Mr. King performs the service of painting his own house instead of paying someone else to do it.This activity is excluded in GDP. Asymmetric Information 42. Money received by Sana when she sells her Economics book to a book buyer. Not all productive activity is included in GDP. Conclusion 12. It does not take into account nonmarket transactions. This question tests your knowledge of what activities are included in calculating GDP. Which of the following activities are not included in GDP (note - all activities occurred during the period in which GDP is being measured): a. What activities are included in the proceeds from prostitution and illegal drug sales Mr. King the! 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