The Measurement of GDP Handles Underground Production by

question 58

Multiple Choice

The measurement of GDP handles underground production by

• A)including the amount produced in this sector of the economy in exactly the same way that all other production is included.
• B)omitting it because underground production is unreported to the government by the people involved.
• C)adding it at fixed prices that change only infrequently.
• D)adding an estimate of it because it is difficult to precisely measure underground production.
• E)omitting it because,being illegal,it has no effect on the nation's total production.

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Definitions:

Substitutes

Products or services that can replace each other in use, where an increase in the price of one leads to an increase in demand for the other.

Complements

Goods that are often used together, where the increase in the consumption of one leads to an increase in the consumption of the other.

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded, typically downward sloping.

Consumer Incomes

The total earnings or financial gains received by individuals or households, affecting their buying power and consumption patterns.