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Author Question: Which theory of economic growth concludes that in the long run real GDP per person will be at its ... (Read 94 times)

penza

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on: Jun 29, 2018
Which theory of economic growth concludes that in the long run real GDP per person will be at its subsistence level?
 
  A) the classical theory
  B) the neoclassical theory
  C) the new growth theory
  D) all of the theories

Question 2

What would happen to measured GDP if more people started hiring workers to do house chores such as cooking and cleaning?
 
  What will be an ideal response?


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vickyvicksss

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

GDP is the value of the final goods and services that are produced in an economy over a specified time period. However, GDP, as measured, does not include the value of household production people do for themselves around their homes. Therefore if you wash your car at your home or apartment, the value of the car washing is not included in GDP. However if you hired someone to wash your car at your home or apartment, the value of the car washing would be included in GDP. Thus if more people started hiring workers to do household chores, measured GDP would increase.


penza

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Reply 2 on: Jun 29, 2018
Excellent

bitingbit

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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