Which of the following market transactions of final goods and services are excluded from the computation of U.S. GDP??
A. ?Purchases of products such as wine, beer, hard liquor, and cigarettes.
B. ?Secondhand transactions, such as when a used car is sold.
C. ?New purchase that a resident of one state makes in a different state.
D. ?Purchases of necessities such as groceries and rent.
Answer: B
Economics
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Indicate whether the statement is true or false
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By drawing a demand curve with price on the vertical axis and quantity on the horizontal axis, economists assume that the most important determinant of the demand for a good is
A) consumer income. B) consumer tastes and preferences. C) the price of the good. D) the quality of the good.
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