Business, 21.07.2020 17:01 joseperez1224

Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation. Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? a) The leisure time enjoyed by households
b) The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
c) Expenditures on federal highways
d) The loss of enjoyment people incur when scenic land is converted to commercial use

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a) The leisure time enjoyed by households

b) The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government

d) The loss of enjoyment people incur when scenic land is converted to commercial use

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

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

Net export = exports – imports

When exports exceeds 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

Expenditures on federal highways is accounted for in GDP as part of government expenditures

Answer from: Quest

Secured loans are protected by collateral security. examples: title loans where the borrower uses the car title as collateral security interest rates are lower and repayments are longer therefore risk is low as a collateral security is given as guarantee to the bank in case of failure to pay the loanunsecured loans are not protected by collateral security but it is given on the creditworthiness of the borrower, trusting that she/he will pay on time. examples; payday loans is a short term loan where the borrower lends money from the bank and pays is back when the borrower receives his/her wages.interest rates are high and repayments are shorter. but the risk is high as no collateral security is given as a guarantee to the bank for payment of the loan

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