Natural Resources and the Environment Toward Sustainable Development
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- Natural Resources and the Environment Toward Sustainable Developmenteconomics-mcqs › natural-resources-and-the-environment-toward-sustainable-development
- Published
- 30 May 2019
- Last updated
- 28 May 2026
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Which of the following transactions would not be included in the UK GDP for the year 2005?
Multiple choice question for Natural Resources and the Environment Toward Sustainable Development. Select an option, then review the explanation below.
Explanation
A haircut is considered a service and is included in GDP. Legal services are also counted. A 2005 Honda made in Swindon is a domestically produced good and thus part of the GDP. Therefore, all these transactions contribute to the UK's GDP for 2005.
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Practice related questions from the same subject.
- 1.Which of the following items is not included in the calculation of the UK's GDP?
- 2.Real GDP is calculated using _________ prices, whereas nominal GDP is calculated using _________ prices.
- 3.A cobbler purchases leather for Rs100 and thread for Rs50, then crafts and sells shoes valued at Rs500 to customers. What is the contribution to GDP from this activity?
- 4.What does Gross Domestic Product (GDP) represent in terms of market value?
- 5.Which of the following represents the components used to calculate Gross Domestic Product?