Ahomemaker 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?

$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

A trade deficit is an economic measure of international trade in which a country's importsexceeds its exports. A trade deficit represents an outflow of domestic currency to foreign markets. It is also referred to as a negative balance of trade (BOT).
Trade Deficit = Total Value of Imports – Total Value of Exports