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ia45122 ia45122
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A year ago
Scenario: Edwin grows potatoes on his farm. Part of the output is consumed by Edwin's family, and the remainder is sold in the market.


Refer to the scenario above. Suppose that besides consuming all the potatoes grown on his farm, Edwin buys 5 pounds of potatoes at $0.80 per pound. What is likely to happen in this case?

▸ The value of Edwin's total output will increase.

▸ The $4 spent by Edwin will be excluded from GDP.

▸ The $4 spent by Edwin will be included in GDP.

▸ The value of Edwin's total output will be included in GDP.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
Authors:
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MariannaGMariannaG
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A year ago
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ia45122 Author
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A year ago
Thanks for your help!!
amandamraz
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Yesterday
Good timing, thanks!
einstein
wrote...

2 hours ago
Smart ... Thanks!
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