Which of the following would tend to increase the value of officially measured GDP?
a. decriminalization of drugs such as marijuana and cocaine
b. decriminalization of prostitution
c. decriminalization of gambling on basketball and football
d. all of the above
d
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Whenever there is an increase in autonomous consumption spending, there will be
a. an upward shift of the aggregate expenditure line causing equilibrium GDP to rise b. an upward shift of aggregate expenditure line, but no change in equilibrium GDP c. no change in the aggregate expenditure line, but equilibrium GDP will rise d. an upward shift of the aggregate expenditure line, causing equilibrium GDP to fall e. no change in the aggregate expenditure line or equilibrium GDP
If hot dogs are an inferior good, a decrease in income will cause the equilibrium price of hot dogs to rise
Indicate whether the statement is true or false