By How Much Does GDP Change Between 2010 and 2011

question 109

Multiple Choice

By how much does GDP change between 2010 and 2011 in the following scenario? In 2010, a rich woman has a chef and pays him $50,000 to cook for her. In 2010, she marries the chef and he continues to cook.

• A) GDP rises by $50,000.
• B) GDP is unchanged.
• C) GDP falls by $50,000.
• D) GDP rises by $25,000.
• E) Not enough information is given.

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Definitions:

Observational Data

Information gathered by watching and recording actions or outcomes, without intervening or altering the situation.

External Secondary Data

Information that has been collected previously by someone else and is available outside the organization for research purposes.

Economic Research Service

A U.S. government agency providing economic research and analysis, primarily in agriculture, food, the environment, and rural economies.

U.S. Census Bureau

A leading organization within the U.S. Federal Statistical System tasked with generating statistics about the population and economic conditions of the United States.