Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.

A. services
B. formal education
C. leisure
D. capital goods


Answer: C

Economics

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Assume that the demand curve for DVD players shifts to the left and the supply curve for DVD players shifts to the right, but the supply curve shifts more than the demand curve. As a result,

A) both the equilibrium price and quantity of DVD players will decrease. B) the equilibrium price of DVD players will decrease; the equilibrium quantity may increase or decrease. C) the equilibrium price of DVD players may increase or decrease; the equilibrium quantity will increase. D) the equilibrium price of DVD players will decrease; the equilibrium quantity will increase.

Economics

Which of the following will decrease the price needed to break even?

a. A decrease in overall fixed but avoidable costs b. A decrease in the marginal costs c. An increase in sunk costs d. Both A&B

Economics

Estimations of demand are used as input in this type of scenario:

A. understanding automobile demand to decide whether to offer below-market-rate loans for new cars. B. as input into a firm's decision-making process. C. understanding the demand for oil in order to impose a new oil import tax. D. all of the above

Economics

Which of the following will lead to a leftward shift in the U.S. SRAS curve?

A) a decrease in foreign input prices B) an appreciation of the dollar C) a depreciation of the dollar D) a and b E) none of the above

Economics