All of the Following Transactions That Took Place in 2014

question 116

Multiple Choice

All of the following transactions that took place in 2014 would be included in GDP for 2014 except the purchase of a:

• A) book printed in 2014,entitled The Year 3000.
• B) 2001 Jeep Cherokee.
• C) year 2015 calendar printed in 2014.
• D) ticket to see the movie 2001.

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Definitions:

Aggregate Demand

The aggregate need for products and services throughout an economy, specified at a consistent price level and during a certain time.

National Saving

The total saving in an economy, consisting of both private savings by households and businesses, and public savings by the government.

Formal Budget Process

The systematic procedures followed by organizations or governments to estimate revenues, plan expenditures, and manage finances.

Economic Report

A document that provides information about the economic performance, policies, and conditions of a country, region, company, or sector.