AD012/TG017 - Macroeconomics_G_2425
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Marie grows vegetables in her garden to feed her family. The vegetables she grows are not counted in GDP because
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Suppose the government passes a law eliminating holidays resulting in increased, production of goods and services. Based on this scenario, which of the following statements is correct?
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How is your purchase of a €40,000 BMW automobile that was produced entirely in Germany recorded in the UK GDP accounts?
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Suppose that population grows by 2 per cent. For the standard of living to rise, which of the following must occur?
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Suppose a person marries his or her gardener and therefore no longer pays him or her for gardening services. GDP
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GDP would include which of the following?
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Gross Domestic Product can be measured as the sum of
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For an economy as a whole,
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In producing a sweater, a man who shears sheep pays a farmer €4 for a sheep's wool. The shearing shop sells the wool to a knitting mill for €7. The knitting mill buys the wool and makes it into a fine fabric and sells it to a sweater-making firm for €13. The sweater-making firm sells the sweater to a clothing store for €20, and the clothing store sells the sweater, gift wrapped, for €50. What is the contribution to GDP of the production and sale of the sweater?
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GDP may not be a reliable indicator of the standard of living of a country because it does not include:
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