Which of the following is not counted in GDP?
A. The services provided by a maid
B. The commissions earned by a salesman
C. An increase in inventories held by firms
D. The change in Social Security payments received by individuals
Answer: D
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The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP(1996 $ billions) (A)Feb. 19612352.9(B)Dec. 19693571.4(C)Nov. 19703566.5(D)Nov. 19734151.1(E)Mar. 19754010.0Which of the following periods was an expansion?
A. November 1970 through November 1973 B. December 1969 through November 1973 C. November 1970 through March 1975 D. December 1969 through November 1970
Which of the following is assumed to be constant along a demand curve for pet dogs?
a. the quantity of dogs demanded each time period b. the price of dogs c. the price of cats d. the number of dogs people want to buy
The spread between the bid price and the offer price is a measure of
A) the underwriters' spread. B) brokers' fees. C) liquidity costs. D) sunk costs.
Comparisons of GDP between developed and underdeveloped countries are often misleading because underdeveloped countries produce
a. a greater share of their total production in the household sector, which understates their GDP relative to developed countries. b. a smaller share of their total production in the household sector, which understates their GDP relative to developed countries. c. a greater share of their total production in the household sector, which overstates their GDP relative to developed countries. d. a smaller share of their total production in the household sector, which overstates their GDP relative to developed countries.