Final answer:
The multiple-step income statement does not include 'Unrealized holding gains or losses on investments' as part of net income. For GDP, hospital stays, licensed child care, and new car sales are included, while life expectancy, informal child care, used car sales, variety of cheese, and inputs like iron into a refrigerator are not.
Step-by-step explanation:
The item not included as an element of net income on the multiple-step income statement is 'a. Unrealized holding gains or losses on investments'. These are typically reported in other comprehensive income. The elements such as 'b. Gain on the sale of fixed assets', 'c. Loss on sale of investments', and 'd. Amortization of bond discounts' are included in the determination of net income.
Regarding the components of Gross Domestic Product (GDP), the included items would be 'a. The cost of hospital stays', 'c. Child care provided by a licensed day care center', and 'f. A new car sale'. These reflect current economic activity. On the other hand, 'b. The rise in life expectancy over time', 'd. Child care provided by a grandmother', 'e. A used car sale', 'g. The greater variety of cheese available in supermarkets', and 'h. The iron that goes into the steel that goes into a refrigerator bought by a consumer' are not included in GDP because they do not represent actual market transactions involving production of goods and services in the economy during a given period.