Susan switches from going to Speedy Lube for an oil change to changing the oil in her car herself. Which of the following is correct? The value of changing the oil is
a. included in GDP whether Susan pays Speedy Lube to change it or changes it herself.
b. included in GDP if Susan pays Speedy Lube to change it but not if she changes it herself.
c. included in GDP if Susan changes it herself, but not if she pays Speedy Lube to change it.
d. not included in GDP whether Susan pays Speedy lube to change it or she changes it herself.
b
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Southern plantation owners benefited from British policies on tobacco production in the United Kingdom
Indicate whether the statement is true or false
Between 1850 and 1860 the prices of slaves ____ than the price of cotton
a. increased more b. decreased more c. increased less d. decreased less
If a firm in a monopolistically competitive market has a demand curve shifting to the right, it is likely that:
A. the selling price is less than the average total cost of the firm. B. positive economic profits are being earned. C. firms are entering the market. D. All of these statements are true.
Answer the following statement true (T) or false (F)
1) The size and scope of government inhibit the flow of information to decision makers, leading to inefficient outcomes. 2) The pursuit through government of a transfer of wealth at society's expense is called "rent seeking." 3) The principal-agent problem is a problem for the private sector but does not apply to political decision making. 4) Medicare is the U.S. government's largest unfunded liability. 5) A debt crisis refers to how much government spending exceeds tax revenues in a given year.