Write true or false against the statements and explain why.
Suppose that I sell all my old economics textbooks on e-Bay. This transaction is counted as part of GDP in the National Income and Product Accounts.
According to the model of income determination in Chapter 3, a$100 billion increase in Government spending and a simultaneous $100 billion increase in tax revenues will have no effect on real GDP.
A cattle farmer sells three things: (1) fattened young cows to slaughter houses, (2) young bulls to other cattle farmers, and (3) cow manure to home gardeners. All three of these types of transactions are included in GDP.
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Write true or false against the statements and explain why. Suppose that I sell all my...