Over the last 50 years, has the ratio of household production to gross domestic product in the United States increased or decreased? Consider the effect of the increased number of women working outside the home, and the effect of advances in
technology in household production such as microwaves, coffee makers, power tools, etc.
"Household production" refers to goods and services people produce for themselves. It is not clear whether the ratio of household production to gross domestic product has increased or decreased. More women working outside the home has decreased the ratio of household production to GDP, but the technological advances at home have allowed people to produce more household production in less time.
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When market activity generates a negative externality, the level of output in the market equilibrium is lower than the socially optimal level
a. True b. False Indicate whether the statement is true or false
A movement upward along a given aggregate demand curve is equivalent to a(n):
A. Increase in aggregate supply B. Increase in aggregate demand C. Upward shift in the aggregate expenditures schedule D. Downward shift in the aggregate expenditures schedule