Which of the following transactions would be included in the official calculation of GDP?
A) A student buys a used textbook at the bookstore.
B) Firestone sells $2 million worth of tires to General Motors.
C) You wash and wax your father's car as a favor to him.
D) You buy a new iPod.
E) You illegally download music off the Internet to put on your new iPod.
Answer: D
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A census area that has a poverty rate of 40 percent or greater and is associated with increased crime, poorer health outcomes, failing schools, and decreased employment opportunities is known as:
a) decentralized poverty. b) an urban area. c) a rural area. d) concentrated poverty.
A surplus occurs when the price is
A) less than the equilibrium price. B) equal to the equilibrium price. C) greater than the equilibrium price. D) None of the above because the existence of a surplus is independent of the price of the good.