Question
As measured, gdp omits which of the following? i. Illegal sales of goods and services. Ii. Changes in the amount of leisure time. Iii. Household production of goods and services.
Answer
Illegal sales of goods and services, changes in the amount of leisure time, and household production of goods and services.
- Q: What is GDP? A: GDP is the total value of goods and services produced in a country in a given period of time.
- Q: What are the components of GDP? A: The components of GDP are consumption, investment, government spending, and net exports.
- Q: What does GDP omit? A: GDP omits illegal sales of goods and services, changes in the amount of leisure time, and household production of goods and services.