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GDP Exclusions Quiz

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Questions and Answers

Which of the following is NOT included in GDP calculation?

Goods and services produced within households (correct)

Undeclared labor transactions

Illegal economic activities

Services that would be counted if bought on the market

What term is commonly used to refer to unrecorded economic activities that involve both legal and illegal transactions?

Transparent economy

Visible economy

Official economy

Shadow economy (correct)

Why are illegal transactions like drugs smuggling not considered in the GDP calculation?

Because they are not relevant for the economy

Because they have no market value

Because they are difficult to measure

Because they are illegal activities (correct)

What type of labor involves people being paid for their work but the payments are not officially registered?

Off-the-books labor Signup and view all the answers

Why is it important to understand the size of the shadow economy even though it is not considered in GDP?

To understand the full scope of economic activity Signup and view all the answers

What does a larger size of the shadow economy imply for GDP per capita?

It decreases the reliability of GDP per capita as a measure of a country's actual income. Signup and view all the answers

What is one method used to estimate the size of the shadow economy in a country?

Evaluation of electricity consumption Signup and view all the answers

How does a higher growth rate in electricity consumption compared to GDP indicate the shadow economy's status?

The shadow economy is growing. Signup and view all the answers

What does a sharp increase in the ratio between currency in circulation and 'official' GDP suggest?

An increase in the shadow economy Signup and view all the answers

How reliable are estimations about changes in the black economy based on indirect indicators?

Vary depending on the indicator used Signup and view all the answers