Even though it is not a perfect measure, economists can use real GDP to
i. compare how the value of the goods and services produced in China
have changed over the past 10 years.
ii. look at the length of recessions and expansions in the United States.
iii. compare the standard of living in China versus the standard of living in Vietnam.
A) ii only
B) i, ii and iii
C) i and iii
D) i and ii
E) ii and iii
B
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When a forest is logged, it is possible for the logging to create "soil runoff," a situation in which the soil, no longer protected by trees, erodes and silts a river miles downstream from the logging area
Is soil runoff created by logging in Montana that ruins a river an example of a private cost to the lumbering company or an external cost?
In reality, according to the model developed in Section 15.5 of the textbook, prices of non-renewable resources have not increased continually because of
A) abundance of the resource. B) technological progress changing marginal cost. C) changing market power of producers. D) All of the above.
If the government were to increase its spending, it would expect:
A. aggregate demand to shift to the right. B. aggregate demand to shift to the left. C. aggregate supply to shift to the right. D. aggregate supply to shift to the left.
Consider the following:
The relative price of movies this year has
A. increased. B. decreased. C. stayed the same. D. Not enough information has been given to calculate an answer.