Which service will be included in GDP?
Answer and explanation
Correct answer: A paid consultation with a doctor
A paid consultation with a doctor is a current market service provided in exchange for payment. Its value can be recorded through the fee charged and is therefore included in GDP. Unpaid household work, free personal advice, and gifts do not normally create a market transaction recorded as current GDP production.
Frequently asked questions
What is the correct answer to this question?
A paid consultation with a doctor
Why is this the correct answer?
A paid consultation with a doctor is a current market service provided in exchange for payment. Its value can be recorded through the fee charged and is therefore included in GDP. Unpaid household work, free personal advice, and gifts do not normally create a market transaction recorded as current GDP production.
Which subject and chapter does this question cover?
This is a Class 11 Economics question. Chapter: National Income and Related Aggregates.
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