Which of the following would not be included in the calculation of GDP?
A. Income earned by a CPA.
B. Tips earned by a bartender who does not report them to the IRS.
C. Contract work performed by an electrician.
D. Income earned by an attorney.
Answer: B
Economics
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When consuming a good creates positive externalities,
a. private demand increases b. private demand decreases c. the private demand curve overstates the marginal social benefit of the good d. the private demand curve understates the marginal social benefit of the good e. the equilibrium quantity increases without government intervention
Economics
As long as debt grows by the same percentage as nominal GDP, the debt-to-GDP ratio will stay constant but the interest payments-to-GDP ratio will increase
a. True b. False
Economics