GDP understates the value of output produced by an economy because it
A) includes environmental degradation caused by increased output production.
B) includes transactions that do not take place in organized markets, such as home-cooked meals.
C) excludes value added from the underground economy, such as tips taken "under the table."
D) excludes the value of the wages and benefits of government employees.
C
Economics
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Anything that is commonly acceptable as a payment for goods and services is called ________
Fill in the blank(s) with correct word
Economics
In the long-run ISLM model and with everything else held constant, the long-run effect of a tax cut is to ________ real output and ________ the interest rate
A) increase; increase B) increase; not change C) not change; increase D) not change; decrease
Economics