?e https://www.mathd.com/Student/PlayerTest.aspx?test I Macro Summer 2018 Tian L

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?e https://www.mathd.com/Student/PlayerTest.aspx?test I Macro Summer 2018 Tian Liu & 7/15/18 Quiz: Module 2 Quiz Submit Qulz his Question: 1 pt 2 of 35 (1 complete) This Quiz: 35p Consider the following statements about factors that influence the standard of living, and choose the statement that is incorrect O A. Resources used to protect the environment are valued as part of GDP O B. Estimates of the scale of the underground economy in the United States range between 9 and 30 percent of GDP O c. Over the years, leisure time has steadily increased. D The omission of household production from GDP means that the growth rate of GDP underestimates the growth rate of total production.

Explanation / Answer

(D) the omission of household production from GDP means that the growth rate of GDP overestimates the growth rate of total production.

Factors that influence the standard of living are:

1. Level of National Income or Output.
2. Level of Productivity
3. Terms of trade.
4. Size of population
5. Distribution of national income.
6. General price level.

Thus, Option (d) is the only option that does not influence the standard of living.

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