Instead of taking the dirty laundry with you when you go back to visit your parents, you use a Laundromat. Your use of the Laundromat means that
A) GDP will remain the same.
B) GDP will decrease and the country's standard of living will fall.
C) what you paid for use of the Laundromat will be included in GDP.
D) real GDP does not change because the clothes are still being laundered but nominal GDP rises since you are now paying for the service.
E) your parents' contribution to GDP will increase.
C
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Huey has eaten two hamburgers and is considering a third. The marginal benefit in his decision is the pleasure from consuming
A) the two previous hamburgers. B) all three hamburgers. C) just the third hamburger. D) just the second hamburger. E) the third hamburger minus the pleasure from consuming zero hamburgers.
Explain the difference between a change in supply and a change in quantity supplied. Be sure to state what causes each to change and how they differ when graphed
If import restrictions prohibit foreigners from selling various goods and services in the U.S. market,
What will be an ideal response?
In a capitalist market economy, the decision to save is made by the same people who make the major investment decisions.
Answer the following statement true (T) or false (F)