Which of the following would be included in the calculation of gross domestic product?
a) government purchase of a new submarine
b) Social Security payment to a retired military officer
c) the purchase of a home built 10 years ago
d) contributions to a charity organization
e) a barber cutting the hair of his own children
Ans: a) government purchase of a new submarine
Economics
You might also like to view...
The figure above illustrates a linear demand curve. If the price rises from $6 to $8 demand is ________ and if the price falls from $8 to $6 demand is ________
A) elastic; elastic B) elastic; inelastic C) inelastic; elastic D) inelastic; inelastic
Economics
Setting price equal to marginal cost in a natural monopoly will lead to
a. excess profits for the firm. b. losses for the firm. c. zero profits for the firm. d. One cannot tell without further information.
Economics