Goods and services that are produced and consumed within the same household are not included in GDP
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Goods and services that are produced and consumed within the same household are not included in GDP calculations. Economists refer to the production of these goods and services as “household production.” Does the existence of household production lead GDP to understate or overstate the true value of production in the economy?
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The existence of household production wherein goods and services are produced and consumed within th...View the full answer
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Related Book For 
Principles Of Macroeconomics
ISBN: 9781292303826
13th Global Edition
Authors: Karl E. Case,Ray C. Fair , Sharon E. Oster
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