Which of the following would definitely not be included in the measurement of GDP?
A) value of the services of a painter who paints your garage
B) value of the services of a person who mows his or her own lawn
C) value of the services of a maid who cleans your house
D) value of the services of a plumber who fixes your kitchen sink
B
You might also like to view...
The concept of opportunity cost in a fully employed economy with technology and resources held constant tells us that
A. expansion of output in one industry means expansion cannot occur in another industry. B. expansion of output in one industry means output in another industry must contract. C. output cannot be increased in any industry. D. output of all industries must contract until more resources are found.
Mary purchased a stuffed animal toy for $5. After a few weeks, someone offered her $100 for the toy. Mary refused. One can conclude that Mary's consumer surplus from the toy is
A) less than $5. B) at least $95. C) at least $100. D) $105.
Dale just won tickets to see a NASCAR race. His coworker offers to pay him $200 for them, but Dale decides to use them, even though he would not pay $200 for them himself. Dale's willingness to consume $200 worth of tickets that he doesn't value at $200 is attributed to:
A. the explicit cost of ownership. B. the high fungibility of money. C. his refusal to ignore the sunk cost of the tickets. D. None of these is correct.
If Dana can paint his house faster than Luke, a professional house painter, then:
a. Dana has a comparative advantage in house painting. b. Dana has an absolute advantage in house painting. c. Luke has a comparative advantage in house painting. d. Luke has an absolute advantage in house painting. e. Dana should always paint his own house.