The value of the housing services provided by the economy's owner-occupied houses is
a. included in GDP, and the estimated rental values of the houses are used to place a value on these housing services.
b. included in GDP, and the actual mortgage payments made on the houses are used to estimate the value of these rental services.
c. excluded from GDP since these services are not sold in any market.
d. excluded from GDP since the value of these housing services cannot be estimated with any degree of precision.
a
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People obtain their money incomes basically by
A) chance. B) hard work. C) inheritance. D) supplying something for which others are willing to pay.
What information do you need to draw your budget line? What is your budget line? What does it show for any pair of goods?
What will be an ideal response?
If marginal utility of apples is diminishing and is a positive amount, consuming one more apple will cause
A) a consumer to go beyond her optimal consumption of apples. B) total utility to decrease. C) a consumer to get no satisfaction from consuming apples. D) a consumer's total utility to increase.
Returns to scale refers to the change in output when
A) all inputs increase proportionately. B) labor increases holding all other inputs fixed. C) capital equipment is doubled. D) specialization improves.