GDP is not a perfect measure of well-being because
A) the value of leisure is included in GDP.
B) GDP is not adjusted for pollution.
C) GDP is adjusted for changes in crime rates.
D) GDP is adjusted for increases in drug addiction.
Answer: B
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A firm is generating detrimental externalities when
A. MSC is less than MPC. B. MSC is the same as MPC. C. MSC is greater than MPC. D. MPC includes some incidental costs.
If a government tax has as its purpose the raising of revenue, it would be best to place the tax on a product which:
a. is a non-essential. b. has a highly elastic demand. c. has many good substitutes. d. has a highly inelastic demand. e. has a unit elastic demand curve.
M1 is the most liquid form of money.
Answer the following statement true (T) or false (F)
The shift of the short-run aggregate-supply curve from SRAS1 to SRAS2
a. causes the economy to experience an increase in the unemployment rate. b. causes the economy to experience stagflation. c. could be caused by an outbreak of war in the Middle East. d. could be caused by a decrease in the expected price level.