Question

1. The best example of a consumer nondurable good counted in this year’s GDP is a

1. Concert.
2. Pizza.
3. Haircut.
4. Used car.
5. Refrigerator.

2. Gross Domestic Product (GDP) is a measure of the country’s

1. Population.
2. Quantity of money in circulation.
3. Price level.
4. Output.
5. Leisure

3. In general, a business cycle goes through its phases in the following sequence:

1. Recession, trough, expansion, peak.
2. Trough, peak, expansion, recession.
3. Trough, recession, expansion, peak.
4. Trough, expansion, recession, peak.
5. Expansion, recession, trough, peak.

Answer 1

1 If we talk in simple terms then durable goods are those goods which are having not long life for example eatables like fruit ,vegetables ,pizza etc

the concert will come under the service not good

Hair Cut will also come under under the service

used item does not come under the GDP calculation so all the option ABC and D are neglected only option refrigerator is correct because refrigerator is a non-durable good and having a long life and calculated in gdp calculation

The correct answer here is option E

2 If we talk in simple terms then GDP is the final production value of goods and services that is produced within the domainDomestic boundary of a country in a financial year

it is generally measured in quarterly or yearly basis

we also called the output generated by the country

it doea not come under leisure or quantity of money

population comes under the calculation of standard of living

so the only correct answer here is option D

3 when we talk about the business cycle then it tells about the economy situation, its business cycle ups and downs

it basically go from four phases in the sequence of recession in the economy performs worst then at the lowest point of recession which is called tough

after that economy try to recover and this is called expansion phase and after expansion economy reach at its peak

so the correct answer is option A