GDP would be a better measure of economic well-being if it included:
A. the value of leisure.
B. the market value of final goods.
C. the total value of intermediate goods.
D. the costs of education.
Answer: A
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When the production of a good has a marginal external cost, which of the following occurs in an unregulated market?
i. Overproduction relative to the efficient level will occur. ii. The market price is less than the marginal social cost at the equilibrium quantity. iii. A deadweight loss occurs. A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
Monetarists assume that suppliers of labor
a. always have perfect information about the real wage. b. base their decisions on the expected real wage. c. may or may not know the real wage. d. could not possibly have perfect information.
For almost all goods, the:
A. lower the price goes, the higher the quantity supplied. B. higher the price goes, the more luxurious it is. C. lower the price goes, the more luxurious it is. D. higher the price goes, the higher the quantity supplied.
If television sellers expect the prices of televisions to fall in the future, we are likely to see the price:
A) of televisions fall and quantity of televisions rise. B) of televisions rise and quantity of televisions fall. C) and quantity of televisions fall. D) and quantity of televisions rise.