A Tractor Built in 2001 and Still in Operation Today

question 181

Multiple Choice

A tractor built in 2001 and still in operation today is:

• A) part of today's national wealth and GDP.
• B) part of today's national wealth but not part of today's GDP.
• C) part of today's GDP but not part of today's national wealth.
• D) not part of today's national wealth nor today's GDP.

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Definitions:

Prices

The amount of money expected, required, or given in exchange for goods or services.

Marginal Rate

The rate of change in cost or benefit resulting from a particular increase in volume or activity.

Consumption

The use of goods and services by households, which is a primary component in calculating a country's gross domestic product (GDP).

Marginal Utilities

The additional satisfaction or utility gained from consuming one more unit of a good or service.