Whose full resale value is not included in GDP?
Answer and explanation
Correct answer: An old car
The full resale value of an old car is not included in current GDP because the car was produced in an earlier period, not in the current year. Counting its entire price again would double-count past production. However, a dealer’s current service fee or commission for arranging the resale is a current service and may be included in GDP.
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What is the correct answer to this question?
An old car
Why is this the correct answer?
The full resale value of an old car is not included in current GDP because the car was produced in an earlier period, not in the current year. Counting its entire price again would double-count past production. However, a dealer’s current service fee or commission for arranging the resale is a current service and may be included in GDP.
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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