The Consumption of Leisure

question 63

Multiple Choice

The consumption of leisure

• A)is always omitted from GDP.
• B)is always included in GDP.
• C)is included in GDP if it involves productive activity.
• D)is omitted from GDP if the activity has no social use.
• E)is included in GDP if it involves a market transaction.

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Definitions:

Land-Abundant

A description of a country or region that has a large amount of land available for agriculture or development relative to other inputs.

Urbanized

Characterized by or pertaining to regions that are densely populated with humans and typically have a lot of developed infrastructure.

Heckscher-Ohlin Model

An economic theory that explains international trade in terms of differences in the relative endowments of factors of production among nations, suggesting that countries will export goods that make intensive use of locally abundant factors.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors.