Suppose an Apartment Complex Converts to a Condominium (I

question 164

Multiple Choice

Suppose an apartment complex converts to a condominium (i.e., the renters become owners of their apartments) . Suppose the value of the condominium owners' housing services is now the same as their former rent. What happens to GDP?

• A) GDP necessarily increases.
• B) GDP necessarily decreases.
• C) GDP is unaffected because neither the rent nor the estimate of the value of housing services is included in GDP.
• D) GDP is unaffected because previously rent was included in GDP, and now it is replaced by the estimate of the value of housing services.

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Definitions:

U.S. Psychology

The study, practice, and application of psychological principles within the context of the United States, influenced by the country's culture, legislation, and historical events.

Conservatism

A political and social philosophy promoting traditional institutions and practices, emphasizing stability and continuity.

Gender Identity

The personal sense of one's own gender, which may or may not correspond to the sex assigned at birth, and is a deeply held sense of being male, female, both, neither, or anywhere along the gender spectrum.

Sexual Identity

How one thinks of oneself in terms of to whom one is romantically or sexually attracted.