Asked by Grace Thomas on Apr 24, 2024
Verified
U.S. GDP includes estimates of the value of items that are produced and consumed at home, such as housework and car maintenance.
Owner-Occupied Housing
Residential properties that are owned and occupied by the owner, as opposed to being rented out to tenants.
Housework
Housework encompasses the variety of tasks performed to maintain and manage the household, including cleaning, cooking, and laundry.
- Specify what constitutes and does not constitute the calculation of Gross Domestic Product.
Verified Answer
PP
Pratima Parajuli7 days ago
Final Answer :
False
Explanation :
U.S. GDP calculations do not include the value of non-market transactions such as housework and car maintenance performed by individuals for their own consumption, as these activities do not involve a market transaction.
Learning Objectives
- Specify what constitutes and does not constitute the calculation of Gross Domestic Product.