According to the text, data supports the conclusion that lower trade barriers
A) help boost per capita real Gross Domestic Product (GDP) growth.
B) help to increase welfare payments.
C) decrease the standard of living in the country.
D) decrease life expectancy.
A
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Which of the following expenditures would not be included in GDP?
a. Purchase of a new lawnmower. b. Purchase of a silver cup previously sold new in 1950. c. Purchase of a ticket to the latest movie. d. All of these would be counted in GDP.
An economic model should capture
A) the essential relationships that help to analyze the problem. B) all possible variables that apply to the problem. C) only social value related variables. D) all of the above.
Use the above table. At an income of $50
A) real saving is $10. B) real saving is $20. C) real dissaving is $10. D) real dissaving is $50.
Policies based on normative economic ideas tend to increase economic efficiency and improve equity
Indicate whether the statement is true or false