Dissatisfaction with Public School Education Has Led Many Parents to Try

question 188

Multiple Choice

Dissatisfaction with public school education has led many parents to try home schooling for their children.If parents cut back on their jobs outside the home in order to spend time teaching their children at home, how will this affect GDP?

• A)GDP will increase.
• B)Real GDP will increase and nominal GDP will decrease.
• C)Both real and nominal GDP will increase.
• D)GDP will decrease.

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Definitions:

Income Summary

An account used in the closing process that summarizes revenues and expenses for a period, transferring the net amount to retained earnings.

Sales Returns

Transactions where customers return defective, unsatisfactory or unwanted products back to the seller, resulting in a reversal of revenue.

Accounts Receivable

Financial obligations of customers towards a business for delivered but unpaid goods or services.

Operating Cycle

The duration of time it takes for a company to buy inventory, sell it to customers, and collect the cash from sales.