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.
Question 2
Which of the following happens when new firms enter a monopolistically competitive market structure?
A) The existing firms face higher demand.
B) The existing firms face relatively inelastic demand curves.
C) The existing firms earn higher profits.
D) The existing firms earn lower profits.
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