Which of the following items is NOT part of government expenditure on goods and services in the GDP accounts?
A) gasoline purchases for government car pools
B) Social Security expenditures
C) new computer hardware for use by the IRS
D) drapes to brighten up the president's office
B
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State the law of diminishing marginal returns
What will be an ideal response?
Why do governments prefer to avoid current account deficits that are too large?
What will be an ideal response?
When externalities are present, market prices do not reflect all the social costs or benefits of the activity
a. True b. False
Factors increasing the U.S. labor supply and thereby contributing to the slowdown in real-wage growth that began in the 1970s include ________ and ________.
A. increased labor force participation by women; the coming-of-age of the baby-boom generation B. technological progress; diminishing returns to labor C. skill-biased technological change; globalization D. increasing wage inequality; globalization