Gross domestic product after adjustments for inflation is ________.
real GDP
capital GDP
NI
PI
An underground economy is best described as:
Unreported illegal activities that do show up on GDP.
Reported illegal activities that do not show up on GDP.
Unreported legal and illegal activities that do not show upon GDP.
A combination of reported legal and unreported illegal activities that show up on GDP.
Sales of used goods not reported in GDP are ________.
secondhand sales
nonmarket transaction
intermediate products
None of the above
If you want to compare two economies with different population, you should use ________.
GDP per capita
real GDP
capital GDP
current GDP
_________ developed the poverty threshold.
Social Security Administration
IRS
GDP
GDP per capita
Income gaps rarely occur in developing nations.
True
False
Credit and cash payment to low-income workers is ________.
subsidized medical care
Medicaid
food stamps
EITC
Why is it important to express GDP and GNP in a per capita basis?
Population is always decreasing worldwide.
Population stays the same.
It is not the most accurate measurement of the economy.
None of the above
All of following affect income inequality EXCEPT:
Education
Tax law changes
Discrimination
All of these affect income inequality.
In the United States, GDP measures only the output of 25 states.
True
False
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