Which of the following is a shortcoming of GDP?
a. GDP measures nonmarket transactions.
b. GDP includes an estimate of illegal transactions.
c. GDP includes an estimate of the value of household services.
d. None of these are true.
d
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In the GDP accounts, investment includes the purchase of newly issued shares of stock
Indicate whether the statement is true or false
The U.S. federal personal income tax is a ________ tax
A) progressive B) regressive C) proportional D) flat
Refer to the following figure. The point elasticities of demand for D1, D2, and D3 at a price of $5 are ________, ________, and ________, respectively.
A. -1.4; -0.2; -5 B. -12; -6; -12 C. -0.71; -5; -0.71 D. -1.4; -0.2; -1.4 E. -0.0833; -0.1667; -0.0833
The market in which the equilibrium level of aggregate output is determined is the
A) labor market. B) bond market. C) money market. D) goods market.