Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The costs of overfishing and other overly intensive uses of resources Funds spent by city governments to renovate their buildings
Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply. The quality of goods available to consumers The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government The costs of overfishing and other overly intensive uses of resources Funds spent by city governments to renovate their buildings
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Although GDP is a reasonably good measure of a nation's output, it does not necessarily include all transactions and production for that nation.
Which of the following scenarios are either not accounted for or measured inaccurately by either the income or the expenditure methods of calculating GDP for the United States? Check all that apply.
The quality of goods available to consumers
The value of babysitting services, when the babysitter is paid in cash and the transaction isn't reported to the government
The costs of overfishing and other overly intensive uses of resources
Funds spent by city governments to renovate their buildings
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