Question 10: Which of the following statements about Gross Domestic Product (GDP) isNOT correct? (a) GDP is measured in dollars as at a certain date. It's a measure of wealth,

akin to assetson the balance sheet. (b) GDP = C + I + G + X - M%3D (c) Consumption (C) includes Imports (M). Imports are subtracted from GDP to avoidcounting foreign production as domestic production. (d) X - M is called the trade surplus or net exports. (e) G is government spending on services such as police, nurses, soldiers and teachers. Itdoes not include transfer payments such as the pension.

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