Which of the Following Is Reflected in GDP

question 127

Multiple Choice

Which of the following is reflected in GDP?

• A)the value of leisure time
• B)the value of illegal goods and services
• C)emotional and psychological well-being
• D)costs of cleaning up after pollution
• E)the value of house maintenance performed by homeowners

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Definitions:

Marginal Curve

Refers to graphs like the marginal cost curve or marginal revenue curve, which show how the cost or revenue changes with an additional unit of output.

Profit-Maximizing Principle

An economic concept that companies aim to achieve where they generate the maximum possible profits by adjusting output levels.

Marginal Benefit

The supplemental value or usefulness derived from using another unit of a good or service.

Marginal Cost

The increase in total cost that arises from producing one additional unit of a good or service.