Business, 25.04.2020 04:24 kaitlynmoore42

Which of the following is NOT included in real GDP? Group of answer choices production of goods that last less than a year, such as production of hot dogs production of services, such as the services of hair dressers production that takes place in the underground economy production of goods that last more than a year, such as a pair of roller blades

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Answer from: 259772

production that takes place in the underground economy

Explanation:

GDP (gross domestic product) is the value of all final good, products and services in a country economy. It is used to determine the economic success of a country and its growth rate. The GDP includes production of goods that last less than a year, production of services, production of goods that last more than a year.

Activities in the underground economy are not included in the GDP. The underground economy are money gotten from illegal activities like prostitution, selling of hard drugs, trafficking and so on. They account for one-third of developing country economy and about 10% of the developed country economy. Since they are not reported, they are not taxed.

Answer from: Quest

our agriculture industry and our business industry

Answer from: Quest

1 all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

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Which of the following is NOT included in real GDP? Group of answer choices production of goods that...

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