The value of leisure time is
A) included in GDP and, in recent years, has become an increasing large part of GDP.
B) excluded from GDP.
C) zero.
D) directly included in GDP but, in recent years, has become a decreasing large part of GDP.
E) directly included in GDP and, in recent years, has not changed much as a fraction of GDP.
B
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Price elasticity of demand and price elasticity of supply are both influenced by
a. the availability of close substitutes for the product b. the proportion of the consumer's budget spend on the product c. the length of the adjustment period considered d. technological conditions such as the additional costs of increasing production e. none of the above
In an Added Perspective, we learn that Elaine Rodier gave up a job as a nursery school teacher to make appetizers. In doing this, she incurs a(n)
a. implicit cost less than her lost income b. explicit cost at least equal to her lost income c. opportunity cost at least equal to her lost income d. variable cost equal to her lost income e. marginal cost equal to her lost income
If the income-consumption path slopes upward, then:
A. both goods are normal goods. B. both goods are inferior goods. C. the goods are substitutes. D. the goods are complements.
Suppose the economy goes from a point on its production possibilities frontier (PPF) to a point below that PPF. Assuming that the PPF has not shifted, this could be due to
A) a gain of resources. B) a loss of resources. C) technological improvement in the production of both goods. D) an increase in unemployment of some resources.