As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by
A) only the value of the household work they are now hiring someone to perform.
B) the value of the output produced by the newly working women minus the value of the household work they were previously performing.
C) the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform.
D) only the value of the output produced by the newly working women.
E) the value of the household work they were previously performing minus the value of the output produced by the newly working women.
C
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An increase in the quantity of labor inputs always leads to economic growth
a. True b. False Indicate whether the statement is true or false
If England buys hockey sticks from Canada, then:
A. Canada has the comparative advantage over England in making hockey sticks. B. England has the comparative advantage over Canada in making hockey sticks. C. England has an absolute advantage over Canada in making hockey sticks. D. Canada has an absolute advantage over England in making hockey sticks.
An effective price floor will:
A. force some firms in this industry to go out of business. B. clear the market. C. result in a product shortage. D. result in a product surplus.
If an increase in disposable income causes consumption to increase from $4,000 to $10,000 and causes saving to increase from $2,000 to $4,000, it can be inferred that the MPC equals
A. 0.5. B. 0.75. C. 0.4. D. 0.6.