GDP is not a perfect measure of well-being; for example,
a. GDP excludes the value of volunteer work.
b. GDP does not address the distribution of income.
c. GDP does not address environmental quality.
d. All of the above are correct.
d
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Suppose Cournot duopolist firms operate with each having a cost of 30qi (i = 1,2 ) so that each firm's marginal cost is 30. The inverse market demand curve is P = 120 - Q where Q = q1 + q2. At the Nash-Cournot equilibrium, the total quantity, Q, is
A) 30. B) 45. C) 60. D) 90.
If unions were formed in more industries, the supply of labor in other industries would
a. increase, causing employment in other industries to rise. b. increase, causing employment in other industries to fall. c. decrease, causing employment in other industries to rise. d. decrease, causing employment in other industries to fall.
According to new growth theory, _______ is advocated as a critical component of economic growth.
A. government spending B. new equipment C. access to Federal natural resources D. education
According to the graph shown, the consequence of expansionary fiscal policy is:
A. a greater level of potential output. B. inflation. C. deflation. D. a lower level of potential output.