Which of the following is not true about gross domestic product (GDP)?
a. It includes only final goods and services.
b. It reflects production in a particular year.
c. Intermediate goods and services are excluded to prevent double counting.
d. It excludes purchases of financial assets.
e. It includes transfer payments.
Question 2
Which of the following statements concerning the supply of labor is true?
a. The wage rate has no effect on the supply of labor.
b. The labor supply curve is downward sloping.
c. The supply of labor is determined by the prevailing wage rate.
d. The typical labor supply curve is upward sloping.
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