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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Which of the following are included in GDP, and which are not?

a. The cost of hospital stays

b. The rise in life expectancy over time

c. Child care provided by a licensed day care center

d. Child care provided by a grandmother

e. A used car sale

f. A new car sale

g. The greater variety of cheese available in supermarkets

h. The iron that goes into the steel that goes into a refrigerator bought by a consumer.

a)

To determine

Whether or not cost of hospital stays is included in GDP.

Explanation

Costs of hospital stays are costs that are incurred in return for hospital services...

b)

To determine

Whether or not rise in life expectancy overtime included in GDP.

c)

To determine

Whether or not child care provided by a licensed day care center is included in GDP.

d)

To determine

Whether or not child care provided by a grandmother is included in GDP.

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