GDP handles household production by
A) estimating a dollar value of the goods purchased to do housework.
B) ignoring it.
C) including it in real GDP but not in nominal GDP because there are no prices paid for the work.
D) estimating a dollar value of the services provided.
E) including it in exactly the same way that all other production is included.
B
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The productivity of workers in an economy is high if:
A) the economy has a negative rate of inflation. B) the economy has low capital stock. C) the economy has high levels of human capital. D) the economy has a large working age population.
Which of the following is NOT a necessary condition for oligopoly?
A) barriers to entry B) strategic dependence of firms C) differentiated products D) either a small number of firms or market dominance by a small number of firms