Joe and Jim purchase vegetables at a grocery store, but Jim also grows vegetables in his back yard. Regarding these two practices, which of the following statements is correct?
a. Only Joe's grocery store purchases are included in GDP.
b. Only Joe's and Jim's grocery store purchases are included in GDP.
c. Joe's and Jim's grocery store purchases are included in GDP. The vegetables from Jim's backyard garden are included at their market value.
d. Joe's and Jim's grocery store purchases are included in GDP. The vegetables from Jim's backyard garden are included at their market value, if Jim provides this information.
b
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As real Gross Domestic Product (GDP) decreases, people hold
A) about the same amount of money since that has been enough in the past. B) less money because they will want to collect interest. C) more money because they will want to increase the amount of savings. D) less money since they will make fewer purchases.
The use of money as a medium of exchange I. lowers transaction costs. II. permits more specialization
A) I only B) II only C) Neither I nor II D) Both I and II