Unformatted text preview: 3. No transfer payments from the government would not be included, because transfer payments are not considered part of GDP because it is not a payment for goods or services. 4. It does not affect GDP because resale, stocks, and bonds are not included in GDP. 5. Real GDP = [Nominal GDP / Price level (GDP Deflator)] x 100 If GDP Deflator is less than 100, Real GDP is higher than nominal GDP, which was the case in year 2000. 6. The most recent unemployment rate relates to the long run average by...
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- Spring '15