Which of the following generate an income that would be excluded from the GDP of an economy?
a. A professional working in small start-up firm
b. A person selling marijuana to patients with medical prescriptions
c. A person selling electronic guides to tourists
d. A farmer selling oranges to a fruit juice manufacturer
d
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When technological progress occurs, the production possibilities curve
a. shifts inwards to the left b. becomes flatter in one end and steeper at the other end c. becomes steeper d. shifts outwards to the right e. does not change
Pete's Package Delivery Service currently makes deliveries only within the state, but now decides to expand the scale of its operation by serving the neighboring state as well. It is likely to find
a. total variable costs decline as diminishing returns set in b. total fixed costs decline as more trucks cover a wider area c. total variable costs rise as more fuel and drivers are needed d. the price of hiring a worker falls as more workers are hired e. profits rise as total costs remain constant