GDP is
A) a perfect measure of the value of production.
B) an imperfect measure of the standard of living.
C) the only factor that affects our standard of living.
D) a perfect measure of the standard of living.
E) a measure which includes the value of all newly produced goods and services.
B
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Use the following graphs to answer the next question.
For which graph are there economies of scale throughout the entire range of output of cars?
A. Graph 1 B. Graph 2 C. Graph 3 D. Graph 4
In the table above, what is the government's sector balance?
A) a deficit of $700 billion B) a surplus of $600 billion C) a deficit of $100 billion D) a surplus of #100 billion
Adverse selection occurs when
A) a person takes more risks that are not known to the life insurance company because he has life insurance. B) a person buys life insurance because he has a risky lifestyle that is not known to the life insurance company. C) a person is a risk lover. D) pregnant women with health insurance make more doctor visits than uninsured pregnant women.
Good A has an income elasticity equal to -0.8 and a cross price elasticity with respect to Good B of -0.75 . Then: a. Good A is an inferior good and Goods A and B are substitutes. b. Good A is an inferior good and Goods A and B are complements. c. Good A is a normal good and Goods A and B are substitutes
d. Good A is a normal good and Goods A and B are complements.