Scenario: John and Sue are married and live in the United States. John is a Canadian citizen and stays home with their two children, Micah and Madison; his caretaking is valued at $20,000 per child. He also programs video games from home in the evenings for a Japanese-based online poker site for $50,000 per year. Sue works as a high-powered lawyer for Berkshire Hathaway at their London branch for the U.S. dollar equivalent of $1,00,000 per year.
-Refer to the above scenario.How much non-market based economic production occurs in the United States?
A) $0
B) $40,000
C) $1,000,000
D) $1,040,000

Question

Quizplus · Accepted Answer

Non-market based economic production refers to economic activities that are not sold in the market and do not generate any monetary value. In this scenario, John's caretaking of their children is a non-market based economic production, which is valued at $20,000 per child, totaling to $40,000 for both children. Therefore, the amount of non-market based economic production in the United States is $40,000. The other economic activities, such as Sue's job as a lawyer and John's programming work, are market-based economic productions as they generate monetary value.

Scenario: John and Sue Are Married and Live in the United