Question 22 2.5 pts When the price of oranges rises but the price of apples doesn't, consumers are likely to buy more apples instead of oranges to avoid experiencing a price increase. This ____________ exists because CPI does not take into account that the person can substitute between goods. 0 substitution bias 0 qualityew goods bias Question 29 2.5 pts Which of the following is the largest component of GDP as measured by demand (accounting for about two-thirds of total GDP in any given year)? O investment O net exports O consumption O government spendingQuestion 30 2.5 pts All of the following statements about double counting are true, except: 0 To avoid double counting, statisticians exclude intermediate goodsgoods that go into producing other goodsfrom GDP calculations. 0 Double counting is present in the prices of nal products at the end of the production chain. Double counting occurs when output is counted more than once as it travels through various stages of production. 0 If not avoided. double counting would overstate the size of the economy considerably. Question 31 2.5 pts The components of supply approach uses data on consumption expenditure, investment, government purchases of goods and services, and net exports of goods and services to calculate GDP. 0 True (0) False Question 32 2.5 pts Which of these is not included in GDP? 0 the fees for legal services rendered by your lawyer O the replacement of brake pads on your six-year-old vehicle 0 the payments for a chiropractor's services 0 cash income paid to a day laborer that is not reported to the tax authorities Question 35 2.5 pts Which of the following best describes the peak of a business cycle? 0 the lowest point of a recession, before a recovery begins (I) the calculation of exports minus imports O the point where real GDP stops falling and begins rising Q the highest point in an economy that comes just before real GDP begins falling and recession begins Question 37 2.5 pts The Consumer Price Index (CPI) measures the changes of the O quantities of a fixed market basket of goods produced by businesses. O prices paid by all businesses for a fixed market basket of production resources. O prices paid by consumers for a fixed basket of consumer goods and services. O lowest prices paid by moms for a fixed market basket of consumer goods and services.Question 39 2.5 pts Ghana has a GDP of $80 billion (measured in U.S. dollars) and a population of 55 million. Cuba has GDP of $9 billion (measured in U.S. dollars) and a population of 4 million. Calculate Real GDP per person for each country. O Ghana = $14545.45 / Cuba = $22,500.00 O Answer Ghana =$145.54 / Cuba = $2250.00 O Ghana = $1454.54 / Cuba = $2250.00 O Ghana =$145.54 / Cuba = $225.00