If Nonmarket Household Production Were Included in Calculations of Economic

question 85

Multiple Choice

If nonmarket household production were included in calculations of economic output in the United States, the result would be:

• A) an increase of about 25 percent in GDP
• B) a decrease of about 10 percent in per capita GDP
• C) an increase in the HDI
• D) a decrease in the digital divide

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Definitions:

Short-Run Supply Curve

A graphical representation showing the quantity of a good that producers are willing and able to supply at different prices in the short term, holding some factors constant.

Market Supply Curve

Represents the total quantity of a good that sellers are willing to sell across all price points in a given market.

Cotton Producer

An entity or individual engaged in the cultivation and production of cotton.

Equilibrium Price

The price at which the quantity of a good or service demanded equals the quantity supplied, resulting in market balance.