Why aren't financial transactions, sales of secondhand goods, and household production included in measuring GDP?
What will be an ideal response?
Financial transactions do not involve the production of final goods and services, so they are not included. Secondhand goods also were not produced in the relevant time period. They were counted in GDP when they were sold as new products. Hence, including them when they are not new would be double-counting them. Household production is not included because it is a nonmarket activity.
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Which of the following is not a principal feature of a bureaucracy?
A) Technical competence B) Specialization C) Hierarchy of offices D) No immediate supervisor
The period between the trough and the peak of a business fluctuation is called
A) the expansion. B) the spreading out. C) the growth phase. D) the development.
The strategy underlying price discrimination is to
A. charge higher prices to customers who have better access to substitutes. B. charge everyone the same price but limit the quantity they are allowed to buy. C. increase total revenue by charging higher prices to those with the most inelastic demand for the product and lower prices to those with the most elastic demand. D. reduce per-unit cost to the firm by charging higher prices to those with the most inelastic demand and lower prices to those with the most elastic demand.
In _____________, the Supreme Court ruled that the police could detain an individual without probable cause for questioning
a. Weeks v. U.S. c. Mapp v. Ohio b. Terry v. Ohio d. Tenessee v. Gardner