1. In determining whether something belongs in a certain GDP statistic, what two questions are the most helpful? A) Where was it sold? By whom was it produced? B) When was it produced? Where was it produced? C) When was it produced? By whom was it produced? D) When was it sold? Where was it produced? 2. In the economy as a whole, income has to be equal to spending because: A) without income, there is no money for anyone to spend. B) It is not true that income has to be equal to spending. C) profit is the difference between a good's price and the incomes of those who made it. D) any money flowing to someone is flowing away from someone else. 3. A bottle of olive oil that was produced in 2018 in Italy and sold in 2020 in the US belongs in: A) US GDP for 2018. B) US GDP for 2020. C) Italy's GDP for 2018. D) Italy's GDP for 2020. 4. The ratio of nominal GDP to real GDP is called: A) the consumer price index. B) the GDP deflator. C) the producer price index. D) the base year