Question

True or False: Used items like used clothing, electronics, and furniture are included in the computation for GDP because buyers and sellers exchanged money. Explain.

Answer 1

Answer:

False

Used item clothings aren't included in GDP.

The GDP includes only items produced in a given year. The items would have been included in the year they were produced and adding them to GDP again would be double counting

Explanation:

Gross domestic product is the sum of final goods and services produced in an economy within a given period which is usually a year.

GDP calculated using the expenditure approach = Consumption spending + Investment spending by businesses + Government Spending + Net Export

I hope my answer helps you