Which of the following can be the best measure of the standard of living in a country?
a. Nominal GDP plus information about non-market indicators such as health and education
b. Real GDP plus information about non-market indicators such as health and education
c. GDP deflator plus information about base year pricing
d. Per capita GDP plus information about non-market indicators such as health and education
d
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At a fixed income level, an increase in consumption which is accompanied by a decrease in savings is reflected by
A) an upward rotation of the consumption function. B) an upward shift of the consumption function. C) a movement up along the consumption function. D) a downward rotation of the consumption function.
Temporary tax cuts tend to stimulate consumer spending at the same rate as permanent tax cuts
Indicate whether the statement is true or false
Producer surplus is the difference between the highest price someone is willing to pay and the price he actually pays
Indicate whether the statement is true or false
Many whites regard ghetto poverty as a symptom of aberrant cultural values and inherent racial deficiencies
Indicate whether the statement is true or false