(a) Which of the following are included and which are excluded in calculating this year's GDP?Provide a brief explanation in ONE LINE ONLY in each instance.(a) Stephanie sues her former client for harassment and hires a lawyer.(b) Geoffrey is offering his family members hair styling at home due to COVID -19 for free whileearlier the family members were getting them done at salons.(c) Covid-19 relief payments.

Answered: (a) Which of the following are included…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 2QP

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(a) Which of the following are included and which are excluded in calculating this year's GDP?
Provide a brief explanation in ONE LINE ONLY in each instance.
(a) Stephanie sues her former client for harassment and hires a lawyer.
(b) Geoffrey is offering his family members hair styling at home due to COVID -19 for free while
earlier the family members were getting them done at salons.
(c) Covid-19 relief payments.

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GDP refers to the final value of goods and services in an economy produced in an economy during a year. This implies when goods and services are produced in an economy due to economic activity in the given year are part of the GDP.

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