GDP handles household production by
A) estimating a dollar value of the goods purchased to do housework.
B) ignoring it.
C) including it in real GDP but not in nominal GDP because there are no prices paid for the work.
D) estimating a dollar value of the services provided.
E) including it in exactly the same way that all other production is included.
B
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If GDP rises:
A) income and production must both fall. B) income and production must both rise. C) income must rise, but production may rise or fall. D) none of the above.
The Widgetville County Wolfpack has won 90 percent of their last 20 games played under a full moon. This means:
A. the weather affects how they play. B. there is a positive correlation between their play and the occurrence of a full moon. C. that full moons cause the team to play better. D. that causation can be found between the two events.
The total utility of a consumer diminishes whenever:
a. he or she buys an additional unit of a good. b. his or her marginal utility decreases. c. his or her total utility increases at a decreasing rate. d. the last unit consumed of a particular good is distasteful or provides dissatisfaction. e. other consumers are also purchasing the product.
The law of diminishing marginal utility is consistent with the consumer behavior that produces a negatively sloped demand curve
a. True b. False Indicate whether the statement is true or false