Which of the following is directly accounted for in the calculation of GDP?
A) the value of one hour of leisure as measured by the hourly wage one would otherwise earn by working
B) the value of repairing your own kitchen sink as measured by the average rates charged by local plumbers
C) cash earnings from an illegal poker game
D) improvements in quality of life from the reduction of pollution
E) None of the above items is accounted for in GDP.
E
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The outcome of first-degree price discrimination is:
A) Pareto efficient with equity. B) Pareto efficient with inequity. C) Pareto inefficient with inequity. D) Pareto inefficient but is equitable.
When quantity is measured in gallons, the price elasticity of demand for milk will be __________ the price elasticity when quantity is measured in quarts
a. the same as b. four times c. one quarter d. two times e. less than