Which of the following is a problem associated with gross domestic product (GDP) as a measure of social welfare?
a. It includes many nonmarket activities
b. It takes into account the value of only those goods which are widely used.
c. It takes into account the cost of environmental damage caused by pollution.
d. It includes intermediate goods as a separate entry.
e. It excludes the value of leisure time.
e
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A worker is considered part time if the worker
A) is a full-time student without a job. B) is not employed but is actively looking for work. C) is not employed and is not actively looking for work. D) usually works less than 40 hours per week. E) usually works less than 35 hours per week.
Which of the following is most likely to restore an economy to full employment, if it is operating below full employment due to a decrease in net exports?
A) Devaluation of the domestic currency B) A decrease in the demand for goods and services in the economy C) A decrease in investment in the economy D) An increase in the interest rate
Under perfect price discrimination the monopolist produces ________ a perfectly competitive market.
A. the same amount of output as a non-discriminating monopolist as well as B. less output than an imperfectly price discriminating monopolist, but more than C. more output than an imperfectly price discriminating monopolist, but less than D. the same amount of output as would
What unusual measures did the Fed take in trying to reduce long-term interest rates during the Financial Crisis of 2007-2009?
A) buying mortgage-backed securities issued by Fannie Mae and Freddie Mac B) reducing the federal funds rate multiple times C) issuing its own securities D) eliminating the discount rate on loans to member banks