Which of the following is not included in GDP? O 1) the payments for a chiropractor's services O cash income paid to a day laborer that is not reported to the tax authorities 3) the replacement of brake pads on your six-year-old vehicle 4) the fees for legal services rendered by your lawyer 2)

Which of the following is not included in GDP? O 1) the payments for a chiropractor's services O cash income paid to a day laborer that is not reported to the tax authorities 3) the replacement of brake pads on your six-year-old vehicle 4) the fees for legal services rendered by your lawyer 2)

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter7: Macroeconomic Measurements, Part Ii: Gdp And Real Gdp

Section: Chapter Questions

Problem 2QP

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I. The sale of a house from an existing homeowner to an incoming homeowner in a subdivision is included in the computation of GDP II. The purchase of stocks and bonds is not included in the computation of GDP III. Broker's commissions for the sale of financial instruments is included in the computation of GDP IV. The lawyer's fees to facilitate the transfer of title of an existing house from one homeowner to another is included in the computation of GDP O Only Statement Il is false O Only Statement I is false All Statements are false Only Statements III and IV are true O All Statements are true