Question

Which of the following items is included in U.S. GDP? Group of answer choices final goods and services that are purchased by the U.S. federal government intermediate goods that are produced in the U.S. but that are unsold at the end of the GDP accounting period goods and services produced by foreign citizens working in the U.S. All of the above are included in U.S. GDP.

Answer 1

Answer:

final goods and services that are purchased by the U.S. federal government

goods and services produced by foreign citizens working in the U.S

Explanation:

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

goods and services produced by foreign citizens working in the U.S

GDP calculated using the expenditure approach = Consumption spending by households + Investment spending by businesses + Government spending + Net export

Net export = exports – imports

When exports exceed import there is a trade deficit and when import exceeds import, there is a trade surplus.  

Items not included in the calculation off GDP includes:  

1. services not rendered to oneself

2. Activities not reported to the government  

3. illegal activities

4. sale or purchase of used products

5. sale or purchase of intermediate products