Decide for each item whether it is part of GDP and, if so, to which expenditure category it belongs The cost of launching a space shuttle by NASA is: A. c. Mrs. King earns income from parents by taking baby photos in her home photography studio. (iii) Salary of residents of Japan working in Indian embassy in Japan. b. (a) Banking (b) Bee keeping (c) Teaching (d) Working in a call centre (b) Bee keeping 21. 38. (i) Profits earned by a branch of foreign bank in India. a. Life expentancy2. Many questions related to India's economy are asked in almost every competitive exam held in India. Decide for each item whether it is part of GDP and, if so, to which expenditure category it belongs.Purchase of 100 shares of General Motors The income of a dentist 2. A) firms' purchases of new equipment B) intermediate goods and services C) consumption of Illegal drug dealing. Households’ activities of a housewife. you need to understand fully what each mean. Which of the following activities are not included in the underground economy? They are not excluded because they are immoral, but the amounts are not reported. Education3. Comparative GDP 39. E. Working while collecting unemployment benefits. The cost of hospital stays b. c. the value of a new house. Which of the following are production activities that are included in GDP? * Intermediate goods - These are goods or services used in the production of a final good or service. answer choices haircut at Fantastic Sams Buying 1,000 $ of Fantastic Sams Stock Buying shampoo at Fantastic Sams haircut at … As such, capital gains on existing assets play no role in GDP accounting. 31) Prices for which of the following are included in the GDP deflator, but not included in the Consumer Price Index? C. Illegal gambling. (ii) Salaries of Indian employees working in embassy of Japan in India. Trade Policies For the Developing Nations 43. 1. The new GDP calculations will see the UK factor in the proceeds from prostitution and illegal drug sales. 1. Social Security payments received by a retired factory worker. Capital Formation - Technical Progress 40. Drug trafficking. Explain your answer in each case. A. The Balance of Payments 44. d. the sale of an ice cream cone. Money laundry. d. Purchasing plastic surgery. If it is counted, explain what kind of spending and/or what kind of income it is. B. Goodyear Tire Company manufactures 250,000 tires. Give reasons for your answer. About This Quiz & Worksheet This quiz/worksheet combo will test your knowledge of gross domestic product (GDP). Solution for Which of the following are included in GDP, and which are not? Explain your decisions. Interest earned against foreign securities 4. 3. Counted as part of net exports C. Click hereto get an answer to your question ️ Which of the following items are included in the Human Development Index?1. b. Enjoy our search engine "Clutch." Not all productive activity is included in GDP. Which are not? Primary sector economic activity such as cultivation… Read … Which of the following are included and which are excluded in calculating GDP? The following page provides you NCERT book solutions for class 10 social science, social science class 10 notes in pdf are also available in the related links between the text. a. All About GDP Part A Is This Counted as Part of GDP? A. Texas Instruments produces computer chips at a manufacturing facility in Indonesia. Social security payment received by a retired factory worker. Which of the following are actually included in GDP and/or NI? Which of the following would NOT be included in GDP? For example, unpaid work (such as that performed in the home or by volunteers) and black-market activities are not included because they are difficult to measure and value accurately. It does not take into account nonmarket transactions. 6. CHAPTER-2 Sectors of the Indian Economy SECTORS OF ECONOMIC ACTIVITIES VERY SHORT ANSWERS:- 1.Give one example of major economic activity. Money received by Sana when she sells her Economics book to a book buyer. b. D. Working in the coal mining industry. Interest on an AT&T corporate bond. Explain in each instance. e. Burglary. 11. So if a German-owned company has a factory in the United States, the output of this factory would be included in U.S. GDP, but in German GNP. Income from illegal activities are not included in the GDP, and hence GDP understates actual economic activities. a) Social security payments received by … B. Moonlighting. Asymmetric Information 42. Which of the following activities can be included in the calculation of GDP. In this set, 11 important questions based on India's Gross Domestic Product (GDP… To assess or close the discussion , have students complete Activity 1, “Components of GDP b. Mr. King paints houses for a living.This activity is included in GDP. The National Economy b. the value of a new car. c. The unpaid services We made it much easier for you to find exactly what you're looking for on Sciemce. 4. Infant mortalitySelect the correct answer using the codes given below. Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced in a specific time period. The following are excluded. The $20,000 profit I made by selling my home. Which of the following activities are not included in GDP (note - all activities occurred during the period in which GDP is being measured): a. All of the following are included in GDP EXCEPT a. the income from a garage sale. If not counted, explain whether it should be, or simply cannot be. Alternative Theories Of The Firm 41. Counted as part of consumption B. This question tests your knowledge of what activities are included in calculating GDP. imputed rent is not included in national income! More broadly, accounting for the activities of the financial sector is one of the Which of the following is included as an addition to the GDP of country of X during the 2015 year? GDP per capita (PPP US )4. Following option are included in US GDP.Any activities that create value are added to GDP A Coco cola built bottling plant. Which are not? Not counted in GDP 5.2 This question tests your knowledge of what activities are included in calculating GDP. it's a hypothetical figure and it would be silly to include it in national accounting books. Ans. Which one of the following economic activities is not in the tertiary sector? a. Mr. King performs the service of painting his own house instead of paying someone else to do it. that's not right. Play this game to review Economics. c. Prostitution. You'll be asked to identify items that are included in the GDP calculation. The EU is following a ‘best practices’ directive which was set out by the United Nations in 2008, although the figures across Europe will undoubtedly be difficult to calculate and standardise. Q. Which of the following are included in this year’s GDP? GNP/GDP (Macroeconomics) > 15.0 GNP/GDP Quiz Social Studies & History 9-12, College/Adult GNP/GDP Quiz Which of the following lists of goods and services would be included in calculating GNP? a. Sugar is both a final good (sold directly to consumers) and an intermediate good (sold to a. Mr. King performs the service of painting his own house instead of paying someone else to do it.This activity is excluded in GDP. A monthly check … GDP has several shortcomings when measuring the economy's performance. Measuring Total Output 1. counted) in GDP and related to their cards. Click hereto get an answer to your question ️ How will you treat the following in the calculation of Gross Domestic Product of India? Which of the following are included and which are excluded in calculating this year’s GDP? Underground Economy The underground economy is the sector that includes profitable illegal activities, such as human trafficking, illegal immigration, gambling, extortion and drug trade. 5. Rent received on a two-bedroom house. In a similar fashion, housework performed by members of the household is not included in the GDP, even though the same work, when performed by paid house cleaners, is. Which of the following activities would be included in the calculation of GDP for the United States? Conclusion 12. GDP is a measure of the production of new goods and services. Which of the following are production activities that are included in GDP? The rise in life expectancy over time c. Child care… For additional activities and resources, see the links in this article. Embassy in Japan a retired factory worker is excluded in calculating GDP GDP will. 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