1. Which of the following would be determined in the product market?

a. The price of equipment used in a clothing factory

b. The price of 2,000 square feet of office space

c. The price of a new pair of espadrilles

d. The salary of a business manager

2.The term (X - M) represents which of the following?

(a) the trade balance

(b) public expenditure

(c) the private sector balance

(d) the government deficit

3.Which of the following is not counted in GDP?

(a) The sale of used CDs on eBay

(b) Welfare payments

(c) The purchase of fresh produce by Whole Foods

(d) All of the above