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In the long run, changes in PL are directly proportional to

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According to most​ economists, is it a serious shortcoming of GDP that it does not count household production or production in the underground​ economy?A.Most economists would answer​ "yes" because these types of production are likely to be a large component of the economy​ (or a large percentage of measured​ GDP), especially in countries like the United States.B.Most economists would answer​ "no" because these types of production do not affect the most important use of the GDP​ measure, which is to measure changes in total production over short periods of time.This is the correct answer.C.Most economists would answer​ "yes" because these types of production are likely to change significantly from one year to the next.D.Most economists would answer​ "no" because the purpose of measuring GDP is to see how the economy performs over fairly long periods of a decade or more.

Gross domestic product is best defined asA.the total quantity of goods and services produced in a country during a period of time.B.the market value of all final goods and services produced in a country during a period of​ time, typically one year.C.the total value of all goods that can be found in a country.D.the amount of all incomes earned by all citizens of a​ country, including those living overseas.

Household production and the underground economyA.are an increasingly large fraction of economic activity in the United States.B.are fully accounted for in the Bureau of Economic​ Analysis' estimates of GDP.C.are not accounted for in the Bureau of Economic​ Analysis' estimates of GDP.D.are not considered important​ and, therefore, are not included when calculating GDP.

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