One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. things produced by people under 18 are not counted.
B. quality has remained steady.
C. people substitute between goods.
D. it ignores the value of leisure.
Answer: D
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The economic way of thinking views government as a social institution
A) in which people do not compete. B) in which the public interest has priority over private interests. C) whose actions are controlled by the will of the majority. D) whose actions are determined by individuals' perceptions of their self-interest.
Which of the following is NOT part of the expenditure approach to measuring GDP?
A) gross private domestic investment B) net exports of goods and services C) net interest D) personal consumption expenditures
Brand management refers to
A) the efforts to maintain the differentiation of a product over time. B) selling the right to use a brand name in a particular market. C) picking a brand name for a new product that will attract attention. D) efforts to reduce the cost of production.
The demand curve for money
a. shows the amount of money balances that individuals and businesses wish to hold at various levels of private investment. b. reflects the open market operations policy of the Federal Reserve. c. shows the amount of money that households and businesses wish to hold at various rates of interest. d. indicates the amount that consumers wish to borrow at a given interest rate.