Double counting occurs when:
A) inputs are included in the calculation of the gross domestic product.
B) household production is included in the calculation of the gross domestic product.
C) depreciation is included in the calculation of the gross domestic product.
D) unsold inventories are included in the calculation of the gross domestic product.
A
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The Federal Reserve conducted the policy of quantitative easing primarily when
A) the interest rate was very sensitive to the change in the money supply. B) the interest rate was close to zero. C) the interest rate was relatively high. D) the interest rate was too erratic to be controlled.
If the supply of labor to a monopsonist is everywhere unit elastic, and the marginal expenditure equals $1, then the wage will equal
A) $0.50. B) $0.75. C) $1.00. D) $2.00.