5. Limitations of GDP 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 activities are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The variety of goods available to consumers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The Brazilian wood that is used for flooring in a new U.S. house The loss of enjoyment people incur when scenic land is converted to commercial use Funds spent by city governments to renovate their buildings
5. Limitations of GDP 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 activities are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all that apply. The variety of goods available to consumers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The Brazilian wood that is used for flooring in a new U.S. house The loss of enjoyment people incur when scenic land is converted to commercial use Funds spent by city governments to renovate their buildings
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Transcribed Image Text:5. Limitations of GDP
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 activities are either not accounted for or are measured inaccurately in calculations of GDP for the United States? Check all
that apply.
The variety of goods available to consumers
The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
O The Brazilian wood that is used for flooring in a new U.S. house
The loss of enjoyment people incur when scenic land is converted to commercial use
O Funds spent by city governments to renovate their buildings
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GDP stands for Gross Domestic Product. The income and expenditure methods can be used to calculate the economy's GDP.
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