Which of the following transactions would NOT contribute to the GDP?
A. the purchase of a bag of chips from a convenience store
B. the purchase of 100 shares of Apple stock
C. the purchase of a new Tesla automobile
D. the purchase of gasoline for your Honda
Answer: B
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The demand for apple pies is perfectly elastic. If the government taxes apple pies at $1 a pie, then
A) the seller pays the entire tax. B) the buyer pays the entire tax. C) the seller and the buyer split the tax evenly. D) the seller and the buyer split the tax but the seller pays more. E) who pays the tax depends on whether the government imposes the tax on pie buyers or on pie sellers.
Marginal social costs are the sum of marginal private costs and incidental costs
a. True b. False Indicate whether the statement is true or false
Proponents of the notion of a "political business cycle" suggest that:
A. a possible cause of economic fluctuations is due to the use of fiscal policy for political purposes. B. cyclical swings in the economy are produced by the inherent instability found in capitalist economies. C. the cyclically adjusted budget is a better indicator of the state of the economy than the actual budget. D. there is a trade-off among goals that tends to make the economic policies of state and local governments procyclical.
Commodity-backed money is:
A. money used for the exchange of large commodities. B. money created by rule. C. any form of money that can be legally exchanged into a fixed amount of an underlying commodity. D. any form of money that also has a role as a commodity.