GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time.
B. goods produced domestically but sold to foreigners.
C. services purchased by households.
D. government purchases of goods and services.
Answer: A
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When a deadweight loss occurs in a market, we can be certain that
A) taxes have been imposed in a market. B) the market is a monopoly. C) there underproduction in the market. D) the entire society experiences a loss.
The ability to use one resource to provide different products and services is
A) economies of scale. B) economies of scope. C) diversification. D) vertical integration.
Compared to a valued added tax, a sales tax is _____
a. easier to monitor b. easier to apply to investment goods c. harder to collect d. all of the above e. a and b
If a country engaged in free trade has an unlimited quantity of imports of a good available at a fixed price, the supply curve for that good is
a. upward sloping. b. perfectly inelastic. c. downward sloping. d. perfectly elastic.