Please give detailed answer If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is theimpact on GDP?O a.Neither what Ralph pays nor the estimated value of Norton's mowing is includedin GDP.b.The answer depends on what Norton reports to survey takers.What Ralph pays to have his lawn mowed and the estimated value to Norton ofmowing his own lawn are both included in GDP.O d.Only what Ralph pays to have his lawn mowed is included in GDP.

GDP = consumption + Gross investment + Government spending + Net exports GDP includes monetary value…

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If Ralph pays someone to mow his lawn and Norton mows his own lawn, what is the impact on GDP?

Brief Principles of Macroeconomics (MindTap Course List)

8th Edition

ISBN:9781337091985

Author:N. Gregory Mankiw

Publisher:N. Gregory Mankiw

Chapter7: Production And Growth

Section: Chapter Questions

Problem 5CQQ

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