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 heroin to tourists
c. A person selling electronic guides to tourists
d. A farmer selling oranges to a fruit seller
b
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Workers and firms both expect that prices will be 3% higher next year than they are this year. As a result
A) aggregate demand will increase by 3%. B) workers will be willing to take lower wages next year. C) the purchasing power of wages will rise if wages increase by 3%. D) the short-run aggregate supply curve will shift to the left as wages increase.
Each of the following explains why cost-benefit analysis is difficult except
a. there is no price with which to judge the value of a public good. b. surveys are often biased and unreliable. c. it is difficult to identify all factors that influence costs and benefits of public goods. d. government projects rarely have sufficient funding to complete them on time.