Question

quizlet joe and jim purchase vegetables at a grocery store, but jim also grows vegetables in his backyard. regarding these two practices, which of the following statements is correct?

Answer 1

If joe and jim purchase vegetables at a grocery store, but jim also grows vegetables in his backyard the statements that is correct is: B. Only Joe's and Jim's grocery store purchases are included in GDP.

GDP which full meaning is Gross Domestic Product is use to determine price at which goods and services would be sold during a particular period of time.

Based on the given scenario Joe's and Jim's purchases at grocery store was included in gross domestic product because they are the end user and the purchase they made is a personal consumption expenditure.

Only finished goods and services that is purchased by end user or final goods that is sold for money can be taken into account.

Inconclusion If joe and jim purchase vegetables at a grocery store, but jim also grows vegetables in his backyard the statements that is correct is: B. Only Joe's and Jim's grocery store purchases are included in GDP.

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