The primary value of real GDP is its ability to measure year to year changes in
a. real output.
b. income inequality.
c. real social welfare.
d. the general level of prices.
A
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The federal government relies on ________ to limit inequality
A) regressive taxes B) proportional taxes C) progressive taxes D) marginal taxes
Which of the following is the best example of a good or service with an external benefit?
A) gasoline B) education C) garbage disposal D) fertilizers E) bread
A monopoly advertises
A) to raise its profit. B) to decrease costs. C) dissuade entry by other firms. D) reduce deadweight loss.
Consider a game that pays 2n cents if the first tail is on the nth toss of a fair-headed coin. Determine the expected value of this game.
A. Infinite cents B. 1 cent C. $2 D. There is insufficient information to determine the expected value of this gamble.