Which of the following factors that affect our well-being does GDP fail to adequately account for?
a. changes in the quality of goods
b. externalities
c. leisure
d. all of the above
d
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Which of the following will be most likely to cause the production possibilities curve for a country to shift inward?
a. an increase in the labor force b. an increase in unemployment c. development of an improved technological method of production d. a decrease in the stock of physical capital
The economic functions of government differ from the political functions of government in that
A. the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution. B. the economic functions are carried out by state and local governments, while the political functions are carried out by the federal government. C. the economic functions are carried out by the federal government, while the political functions are carried out by state and local governments. D. the economic functions include policies that affect income redistribution, while the political functions involve things that affect the way exchange is carried out.
If firms in a monopolistically competitive market are earning economic profits, which of the following scenarios best reflects the change a representative firm experiences as the market adjusts to its long-run equilibrium?
A) Demand decreases and becomes less elastic. B) Demand decreases and becomes more elastic. C) Demand increases and becomes less elastic. D) Demand increases and becomes more elastic.
Many people perceive erroneously that most macroeconomists spend a lot of time engaged in
A. forecasting. B. macroeconomic research. C. data development. D. macroeconomic analysis.