Which of the following is not included in GDP?

a. the fees for legal services rendered by your attorney
b. the replacement of brake pads on your six-year-old vehicle
c. cash income paid to a day laborer that is not reported to the tax authorities
d. the payments for a chiropractor's services


c

Economics

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In the above figure, what is the equilibrium level of real consumption spending?

A) $3.0 trillion B) $0.0 trillion C) $1.0 trillion D) $2.0 trillion

Economics

Using the above figure, during which of the following periods does the price of crude oil have a downward trend?

A) May to July B) May to November C) July to October D) October to December

Economics

During the mid 1980s the price of gasoline fell. Americans purchased not only more gasoline but other goods as well. Use consumer theory to explain why this happened

What will be an ideal response?

Economics

Assuming that the part of the government's budget used for military expenditures reduces the amount available for consumption expenditures and that the benefits to military expenditures take longer to accrue than consumption expenditures, _____

decision-makers will _____. a. democratic; be biased against military spending b. democratic; be biased in favor of military spending c. autocratic; be biased in favor of consumption d. autocratic; be biased in favor of military spending

Economics