Final answer:
Real GDP is the measure of GDP adjusted for inflation, and it includes intermediate goods but not final goods. GDP and GNP are different measures, and second-hand sales that are not reported as income are not included in GDP.
Step-by-step explanation:
GDP: a. adjusted for inflation is called real GDP. b. includes intermediate goods but not final goods. c. is the same as Gross National Product (or GNP). d. includes second-hand sales that are not reported as income.
Real GDP is the measure of GDP that is adjusted for inflation. It gives a more accurate picture of the actual level of output in a nation, by accounting for changes in prices. Intermediate goods, which are used in the production process, are included in GDP, while final goods are not included as they have already been accounted for. GDP and GNP are different measures, with GNP including income generated by residents of a country abroad.
Second-hand sales that are not reported as income are not included in GDP, as GDP measures the value of new goods and services produced within a nation's borders. These second-hand sales do not generate any new production.