In her book on the American work week, economist Juliet Schorr argues that Americans work too much. Her argument may be interpreted as concluding that this behavior
a. increases GDP but decreases well being.
b. increases GDP and increases well-being.
c. decreases GDP and decreases well being.
d. decreases GDP but increases well being.
a
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In a repeated game, punishments that result in heavy damages are an incentive for players to adopt the strategies that result in a ________ equilibrium
A) contestable B) strategic C) cooperative D) winner-share-all
Tom and Jerry are the only members of society. The table above shows their marginal benefits from defense satellites, a public good. If the marginal social cost of a satellite is $54, the quantity of satellites provided by a competitive market is
A) 0. B) 1. C) 2. D) 3.
In recent years, technological improvements and the Internet have substantially reduced transaction costs and expanded the availability of low-cost access to information, communications, and entertainment. Most economists believe that these changes Select one:
a. cause GDP to overstate the growth rate of real output and the improvement in the well-being of people. b. cause GDP to understate the growth rate of real output and the improvement in the well-being of people. c. cause the consumer price index to increase more rapidly than the general level of prices. d. reduce the gains from trade and thereby cause GDP to decline.
Traffic congestion is an example of a(n)
A. government failure. B. externality. C. economy of scale. D. public good.