Suppose an Apartment Complex Converts to a Condominium,so That the Former

question 46

Multiple Choice

Suppose an apartment complex converts to a condominium,so that the former renters are now owners of their housing units.Suppose further that a current estimate of the value of the condominium owners' housing services is the same as the rent they previously paid.What happens to GDP as a result of this conversion?

• A)GDP necessarily increases.
• B)GDP necessarily decreases.
• C)GDP is unaffected because neither the rent nor the estimate of the value owner-occupied housing services is included in GDP.
• D)GDP is unaffected because previously the rent payments were included in GDP and now the rent payments are replaced in GDP by the estimate of the value of owner occupied housing services.

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Definitions:

Molecular Biology

The branch of biology that deals with the structure and function of the macromolecules essential to life, such as nucleic acids and proteins, and how these molecules influence cellular processes.

Microbiology

The branch of science that deals with the study of microscopic organisms, including bacteria, viruses, fungi, and protozoa.

Surface Anatomy

The study of the external features of the body and how they relate to the underlying structures.

Tissue Types

Various categories of biological tissues, including epithelial, connective, muscle, and nervous tissues, each with specific functions in the body.