GDP includes services too. So, statement 1 is not correct . Non-monetary goods and services (e.g. cooking by housewife) are not included in GDP calculation. So, statement 2 is not correct . Economic transactions virtually include everything economic in the country. For e.g. if a stockbroker sells and purchases the same stock worth Rs. 1000 five times in a day, it does not increase the GDP of the country by Rs. 5000. Economic transactions may also include buying and selling of bonds, FIIin flows, and outflows, etc. So, statement 3 is not correct . GDP includes the value of all goods and services produced within a country within a year.