- The calculation of GDP excludes the value of
a. government expenditure on office supplies.
b. households’ purchases of shampoo.
c. businesses’ purchase of new machine tools.
d. a family member painting the family home.
e. expenditure on durable goods.
- Real GDP is the value of final goods and services produced in a year
a. expressed in the prices of that same year.
b. during a recession.
c. minus depreciation.
d. expressed in the prices of a base year.
e. minus the value of all intermediate goods produced.