Australian Gross Domestic Product (GDP) would exclude which of the following?[Fill in the blank]

Question

BlackTom AI · Accepted Answer

To determine which item Australian GDP would exclude, we need to recall what GDP measures: the total market value of all final goods and services produced within a country during a period. Now, let's analyze each option in turn.

Option a: A used car purchased from another Australian household. This is a second-hand transfer of ownership and not a newly produced good or service. Since GDP only counts current production, and a used car was already counted when it was first sold as a new car, this transaction does not add to current GDP. Therefore, it would be excluded.

Option b: Wages paid to Australian workers in a local factory. Wages are part of the compensation for productive efforts and contribute to the income approach to GDP. These wages reflect current production activity in the economy and are included in GDP as part of GDP by income (labor income). So this is included, not excluded.

Option c: A new apartment building constructed in Sydney. A new building represents newly produced housing services and structures, contributing directly to GDP through investment in construction. This is included in GDP as gross domestic construction investment (part of GDP). Therefore, this is included, not excluded.

Option d: A consumer purchases the cheese from Coles supermarket. This is a purchase of a newly produced good (cheese) from a retailer, representing final consumption expenditure. It reflects current production and is counted in GDP under consumption. Hence, this is included, not excluded.

In summary, only the used car trade in a second-hand market does not correspond to current domestic production, making it the item that GDP would exclude. The other options describe components of current production and income that GDP captures.

Australian Gross Domestic Product (GDP) would exclude which of the following?[Fill in the blank]

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