Which of the following is included in GDP? A newly laid-off worker receives his $400 unemployment compensation check from the state government. You purchase $300 worth of clothes from a thrift shop selling second-hand clothing. You buy a $12 snow shovel to have on hand for the next snow storm. A college senior receives a $1,000 graduation gift from a grandparent. QUESTION 50 A capital good is an intermediate product and therefore not part of GDP. a good that should increase in value over time. a good that is used to make other goods and services. a good that lasts more than three years. QUESTION 51 A durable good has a life span of more than 3 years. applies only to services. is an intangible commodity. is used up within 3 years. QUESTION 52 Indirect business taxes include sales taxes and income taxes. business property taxes and sales taxes. income taxes and Social Security taxes. property taxes and corporate income taxes. Question Completion Status: QUESTION 25 An import quota is a direct tax on imports. a price floor. a quantity restriction. a price ceiling. QUESTION 26 The minimum wage laws seek to assure a minimum standard of payment for work. assure that all workers are paid the same wage rate. penalize employers that are not complying with labor laws. help teenagers find work. QUESTION 27 A price system is considered to be efficient when all resources are allocated to the highest-valued uses. firms produce more than what consumers want. it fails to have the goods that consumers want. an underground market develops. QUESTION 28 The purpose of an effluent fee is to reduce the amount produced of a good and to raise the market price. correct for pollution while keeping the price of the good the same as before the correction. encourage producers to keep the quantity produced the same while lowering the price. reward people producing externalities. Services include all of the following EXCEPT payment for a doctor's visit. the face value of a government bond. school tuition. payments for auto repair. QUESTION 54 The two main methods of measuring GDP are the saving approach and the investment approach. the goods approach and the services approach. the income approach and the expenditure approach. the income approach and the receipts approach. QUESTION 55 The foreign exchange rate is an adjustment that takes into account differences in the true cost of living across countries. the price of one currency in terms of another. part of the circular flow diagram. another name for purchasing power parity. QUESTION 56 Economic growth is usually defined as the rate of increase in output divided by the increase in labor. the reduction in the real cost of necessities. the increase in input availability. the increase in output over time, as measured by real per capita Gross Domestic Product (GDP)
