Final answer:
Imports would not be included in the GDP for 2019, as GDP only takes into account the market value of all final goods and services produced domestically in a given period. Imports are subtracted from the calculation of net exports in GDP.
Step-by-step explanation:
The item that would not be included in GDP for 2019 is imports. Gross Domestic Product (GDP) is the total market value of all final goods and services produced within a country in a given period. According to Table 6.3 Counting GDP, there are four major components: consumption, business investment, government spending on goods and services, and net exports (which is exports minus imports). Among the options given, personal consumption expenditures, government spending, and exports are all included in the calculation of GDP. However, imports are subtracted from the total because they represent the purchasing of goods and services that are not produced domestically.
To further clarify, here are examples of what is included and what is not included in GDP:
- The cost of hospital stays would be included as they are part of consumption expenditures.
- The sale of a new car would be included in GDP as it is a business investment.
- Child care provided by a licensed day care center would be included in GDP as it is a paid service.
- The iron that goes into the steel that goes into a refrigerator bought by a consumer would not be counted separately as it is an intermediate good, not a final product.