GDP measure excludes two sets of items they are what?
1. Purchases of goods that have been produced in the past, whether a Rembrandt painting or a house built 20 years ago,are not counted as part of GDP, nor are purchases of stocks or bonds. None of these enter into GDP because they are not goods and services produced during the courseof the year.
2. Intermediate goods, which are used up in producing final goods and services,such as the sugar in a candy bar or the energy used to produce steel, are also notcounted separately as part of GDP. Because the value of the final goods alreadyincludes the value of the intermediate goods, to count them separately would be tocount them twice.