Suppose that Planet Econ passed a law where all women on this planet must marry their...
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Suppose that Planet Econ passed a law where all women on this planet must marry their butlers at time 1. After time, the husband still works on the same tasks at home as before but the wife no longer pays for her husband's salary. Part (a): Using the income-based approach, explain the effect of this law on Planet Econ's GDP at time /? Part (b): Using the expenditure-based approach, explain the effect of this law on Planet Econ's GDP at time t? Part (c): Do you think GDP is an appropriate indicator to measure Planet Econ's economic activity? Why or why not? Suppose that Planet Econ passed a law where all women on this planet must marry their butlers at time 1. After time, the husband still works on the same tasks at home as before but the wife no longer pays for her husband's salary. Part (a): Using the income-based approach, explain the effect of this law on Planet Econ's GDP at time /? Part (b): Using the expenditure-based approach, explain the effect of this law on Planet Econ's GDP at time t? Part (c): Do you think GDP is an appropriate indicator to measure Planet Econ's economic activity? Why or why not?
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