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Services of factors of production to households

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Reference no: EM132135627

Answer in true or False:

1) In the circular flow model, firms sell the services of factors of production to households

2) If GDP included the value of leisure time, the value of US GDP would most likely increase.

3) GDP measures underestimates the value of output produced by an economy because they include services not transferred through markets.

Reference no: EM132135627

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