Which of the following transactions would be included in the official calculation of GDP?
A) A student buys a used textbook at the bookstore.
B) Firestone sells $2 million worth of tires to General Motors.
C) You wash and wax your father's car as a favor to him.
D) You buy a new iPod.
E) You illegally download music off the Internet to put on your new iPod.
Answer: D
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A higher interest rate increases both planned investment and consumption spending.
Answer the following statement true (T) or false (F)
Prior to 2009, Federal Spending as a percentage of GDP had peaked in
A. 2005. B. 1973. C. 1982. D. 1976.
How do imports affect sellers' producer surplus?
What will be an ideal response?
A theory of regulatory behavior, which states that regulators must take into account the preferences of legislators, producers, and consumers, is the
A) capture theory. B) share-the-gains, share-the-pains theory. C) public interest theory. D) general interests theory.