4). Although GDP is a reasonably good measure of a nation\'s output, it does not

Question

4). Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.

Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.

   a). The quality of goods available to consumers

   b). The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government

   c). The parts of a car manufactured in the United States that are produced in Canada

   d). The loss of enjoyment people incur when scenic land is converted to commercial use.

   e). Federal highway payments

Explanation / Answer

a). The quality of goods available to consumers

   b). The value of baby-sitting services, when the babysitter is paid in cash and the transaction isn't reported to the government

d). The loss of enjoyment people incur when scenic land is converted to commercial use.

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