Principles of Economics, 7th Edition

Published by South-Western College
ISBN 10: 128516587X
ISBN 13: 978-1-28516-587-5

Chapter 23 - Part VIII - Measuring a Nation's Income - Problems and Applications - Page 504: 10

Answer

a) The rise in the labor force from women in the United States increased GDP (since there would be an increase in services provided).

Work Step by Step

b) The change in the alternative measure of GDP would have decreased since female workers would be taking less leisure time and spending less time working in the home. c) Other aspects of well-being would include taking care of children and taking care of a family. It might be practical to construct a measure of well-being with these aspects (since taking care of children and a family is a service).
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.