You get bit by your neighbor's dog, and incur $200 in emergency medical expenses. What happens to GDP?
A) It increases by $200.
B) It decreases by $200.
C) It remains unchanged.
D) It depends upon whether you or the dog owner pays the medical bill.
A
Economics
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In long-run macroeconomic equilibrium
A) real GDP equals potential GDP. B) the price level is fixed and aggregate demand determines real GDP. C) real GDP and the price level are determined by short-run aggregate supply and aggregate demand and long-run aggregate supply is irrelevant. D) real GDP is less than potential GDP.
Economics
During the 20th century, the percentage of unskilled laborers in the U.S. rose steadily
Indicate whether the statement is true or false
Economics