When measuring GDP for a particular year, economists exclude the value of the used furniture bought and sold because a. It is not reported anywhere. b. It was counted in GDP in some previous year. c. It is a durable good. d. The value needs to be averaged over a specified number of years.

The correct answer is letter "B": It was counted in GDP in some previous year.

Explanation:

Goods that were sold in previous periods and are resold at a different time are not accounted for the Gross Domestic Product (GDP) in the second computation. This is the case of land, houses, automobiles, and furniture. They are only taking into consideration the first time they are sold except houses that could be accounted for a second time in front of major reconstruction.

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