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Each summer, many of the campsites at America's favorite national parks sell out months in advance due to their limited supply, low prices, and prime locations and vies. This has led entrepreneurial individuals to reserve these campsites well in advance and then sell the reservations for a high premium price. Does the money earned by these campsite scalpers appear in GDP? Why or Why not? Supppose the government cracks down on this practice by doubling the price of campsites. Would this affect GDP? Explain.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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