George hires a real estate agent to help him sell the house he has lived in for the past five years. Since the house is used, no part of the sale will count in this year's GDP. Group of answer choices True False

The statement is: False.

Explanation:

The Gross Domestic Product or GDP is the metric that measures the performance of an economy over a period. The components of the GDP are private consumption, government expenses, investments, and net exports (exports minus imports).

Goods and services produced in previous periods are not considered in the GDP of the current period. Thus, in the case, George's house revenue after the sale will not be part of the GDP. However, the commission George has to pay to the real estate agent will be considered in the current year's GDP.

answer/// equals both average variable cost and average total cost at their respective minimums;