Explain why GDP was never intended to be a measure of social well being.
What will be an ideal response?
GDP is simply a measure of total production. It does not include many things which affect the quality of life. For example, it does not include an adjustment for changes in quality of products, underground economic activity, changes in leisure time, nonmarket transactions, or take into account desirable or undesirable social side-effects associated with production and consumption.
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If a rent ceiling is below the equilibrium rent, some allocation scheme must be used. The allocation methods include all of the following EXCEPT
A) charging the equilibrium rent. B) refusing to rent to individuals on the basis of sex, race, or some other attribute. C) requiring a payment, such as key money, in addition to the rent. D) the creation of a black market. E) increased search activity.
During the era from 1880 to 1920, the U.S. economy experienced a rise in big business, an expansion in industry and increased concentration in both
Indicate whether the statement is true or false
If Luxury Cabinets, a kitchen cabinet manufacturer, builds a cabinet plant near Big Woods, a timber harvesting farm, to reduce the costs of transporting lumber, the cabinet plant is a(n) ________.
A) information asset B) negotiation asset C) transaction-specific asset D) monitoring cost
When you golf you receive 18 units of pleasure from the first hole and on each hole thereafter your pleasure drops by one unit so that the 17th hole gives you 17 units of pleasure etc. If you play 5 holes and the rain hits so that you quit playing, what is the total pleasure, the average pleasure and the marginal pleasure experienced at the last hole played? Answer this with numerical answers and then graph the story.
What will be an ideal response?