Question 27 GDP is not a perfect measure of well-being; for example, O GDP incorporates a large number of non-market goods and services that are of little value to society. O GDP fails to account for the quality of the environment. O GDP places too much emphasis on the value of leisure. O All of the options are correct. Question 28 Lindsay H. and Sydrey W. both live in Minnesota. A new-car dealer in Minnesota bought a new car from the manufacturer for $18,000 and sold it to Lindsay H. for $22,000. Later that year, Lindsay H. sold the car to Sydney W. for $17,000. By how much did these transactions contribute to U.S. GDP for the year? (Recall that GDP measures the market value of final goods...) $18,000 $22,000 O $39,000
Question 27 GDP is not a perfect measure of well-being; for example, O GDP incorporates a large number of non-market goods and services that are of little value to society. O GDP fails to account for the quality of the environment. O GDP places too much emphasis on the value of leisure. O All of the options are correct. Question 28 Lindsay H. and Sydrey W. both live in Minnesota. A new-car dealer in Minnesota bought a new car from the manufacturer for $18,000 and sold it to Lindsay H. for $22,000. Later that year, Lindsay H. sold the car to Sydney W. for $17,000. By how much did these transactions contribute to U.S. GDP for the year? (Recall that GDP measures the market value of final goods...) $18,000 $22,000 O $39,000
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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