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GDP is an incomplete measure of production in the economy, because

GDP is an incomplete measure of production in the economy, because

Economics: Private and Public Choice (MindTap Course List)
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Taking The Nation's Economic Pulse
Section: Chapter Questions
Problem 13CQ
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GDP is an incomplete measure of production in the economy, because it does not include intermediate goods produced. it does not include goods and services produced in the underground economy. it does not include goods produced in the U.S. by foreign companies. it does not include the production of goods by households for their own use.
Transcribed Image Text:GDP is an incomplete measure of production in the economy, because it does not include intermediate goods produced. it does not include goods and services produced in the underground economy. it does not include goods produced in the U.S. by foreign companies. it does not include the production of goods by households for their own use.
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