One of the flaws of GDP is that it
A) includes measures of changes of quality of life associated with producing output.
B) includes measures of the underground economy.
C) includes only transactions that take place in formal businesses.
D) ignores transactions that do not take place in organized markets.
D
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The establishment of well-defined property rights increases:
A. the unemployment rate. B. the amount of pollution. C. average labor productivity. D. the labor force participation rate.
To the extent that the political process of moving legislation through Congress is slow
A) the effect time lag will be long. B) the recognition time lag will be long. C) the action time lag will be long. D) automatic stabilizers will not be effective.
The natural rate of unemployment is closely associated with the short-run ups and downs of economic activity
a. True b. False Indicate whether the statement is true or false
Law of comparative advantage
What will be an ideal response?