Why is the value of leisure listed as a shortcoming in the measurement of GDP?
What will be an ideal response?
When households take time off for leisure, the activity is not counted in GDP. However, taking time off for leisure makes households better off.
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Which one of the following events will leave GDP unchanged?
a. You pay $500 to repair your car damaged in an accident. b. You buy a new domestic car to replace one that was stolen. c. You lose $500 playing blackjack with friends. d. You work extra hours this month to help make up for the money you lost playing blackjack.
In the above figure, an increase in aggregate demand has resulted in
A. economic growth. B. an inflationary gap. C. a decline in the price level. D. a recessionary gap.
Medicaid began in the
A. 1980s. B. 1930s. C. 1990s D. 1960s.
The percentage of government workers that are unionized ________ the percentage of private workers that are unionized.
A. is, since the PATCO strike, smaller than B. is roughly equal to C. is greater than D. has always been less than