Which of the following activities would be included in GDP?
A. You hire a cleaning service at $40 to clean your house.
B. Your roommate pays you $40 to clean the house.
C. Your parents send you $40 to hire a house cleaner, and you clean the house and keep the $40 yourself.
D. All of these would be included in GDP, since there was a monetary exchange.
A. You hire a cleaning service at $40 to clean your house.
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An increase in government purchases will increase aggregate demand because
A) the decline in the interest rate will increase demand. B) the decline in the price level will increase demand. C) consumption expenditures are a component of aggregate demand. D) government expenditures are a component of aggregate demand.
An assumption behind the infant industry argument for tariff protection is that
A) foreign competitors are selling output below average cost. B) the domestic industry will be facing an upward adjustment in its average cost. C) the domestic industry will eventually gain comparative advantage in producing the good. D) the market needs additional competition to satisfy consumer demand.