When economists want to measure current production of an economy at current prices, they use

· nominal gross domestic product

· marginal gross domestic product

· gross private domestic investment

· the real GDP of a previous year measured in today's prices

· real gross domestic product

29. Which of the following would be included in the GDP?

· goods that are produced and sold illegally

· transfer payments

· goods that are not 'final'

· goods that are produced by foreigners within the domestic borders of a nation

· sales of used goods

30. The market value of an intermediate good:

· will be counted in the GDP as a final good

· will be counted as depreciation expense

· will not be counted in the GDP

· is the best way to measure demand in an economy

· is included in the income approach to calculating GDP

http://education-portal.com/academy/lesson/gross-domestic-product-definition-and-components.html#qz

The formula for GDP is as follows: GDP = C + I + G + (X - M). Another way to say this is that gross domestic product = consumption + investment + government spending + (exports - imports). Notice that everything in the formula adds to GDP except for imports. Consumption, which represents all of the purchases of goods and services made by households, accounts for the largest share of GDP, about two-thirds.

What's Not Included in the GDP:

Sales of goods that were produced outside our domestic borders

Sales of used goods

Illegal sales of goods and services (which we call the black market)

Transfer payments made by the government

Intermediate goods that are used to produce other final goods

31. When calculating GDP, transfer payments:

are already counted as consumption by households

are not counted

are included in imports

are considered part of government spending

are included in exports

* Nominal GDP is is the total market value of goods and services. It represents 'current quantities at current prices.'

* Real gross domestic product is the total market value of goods and services. It represents 'current quantities at past prices,' so it removes the effect of inflation.

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