Which of the following would not be counted in the calculation of GDP?
A. Buying a brand new car.
B. Paying for a flight to Las Vegas.
C. Government spending on social security.
D. Paying for a maid service to come clean your house.
Ans: C. Government spending on social security.
You might also like to view...
A change in consumers' incomes causes a change in:
A. the demand for normal goods but not the demand for inferior goods. B. supply. C. demand. D. the cross-price elasticity of demand.
Institutions that channel funds from people who have them to people who want them are called:
A. financial intermediaries. B. corporations. C. the Federal Reserve. D. governmental agency.
As price declines, quantity supplied
A. rises. B. falls. C. remains the same.
The income elasticity of demand is defined as the percentage change in quantity demanded divided by the percentage change in income
a. True b. False Indicate whether the statement is true or false