The aggregate price level is a topic of macroeconomics.

As more women decide to work outside the home and therefore hire others to work around their home, GDP will increase by

A) only the value of the household work they are now hiring someone to perform. B) the value of the output produced by the newly working women minus the value of the household work they were previously performing. C) the value of the output produced by the newly working women plus the value of any household work they are now hiring someone to perform. D) only the value of the output produced by the newly working women. E) the value of the household work they were previously performing minus the value of the output produced by the newly working women.

Which of the following describes how a positive externality affects a competitive market?

A) The externality causes a difference between the private benefit from consumption and the social benefit. B) The externality causes a difference between the private benefit from production and the social cost of production. C) The externality causes quantity demanded to exceed quantity supplied. D) The externality causes a difference between the social cost of production and the social cost of consumption.