Question Details

The omission of household production causes actual economic production to be underestimated



True or false:
1) The omission of household production causes actual economic production to be underestimated.

2) Household production is not measured in the GDP.
3) All economic activity in the underground economy represents the production of illegal goods
and services.

4) The underground economy means that GDP will overstate the actual level of economic welfare.
5) If a measure of real GDP could include the value of leisure time, measured real GDP would
increase.

6) The fact that prices for similar goods differ across nations complicates comparisons of real GDP
across countries.




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