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2 September, 17:24

A homemaker enters the work force, taking a job that will pay $40,000 over the year. the homemaker must pay $16,000 over the year for professional child care services. how much does gdp change?

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  1. 2 September, 20:32
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    Answer: $56,000

    Explanation: GDP refers to the total market value of final goods and services produced in a nation. According to the income method, it is the sum of all factors incomes by factors of production located within a country.

    The salary of the homemaker is a factor income for her. In addition to this, the money paid for professional child care services will be a factor income for the provider of those service.

    Thus, total value of GDP is $40000 + $16000 = $56,000
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