Refer to Figure 4-1. If the market price is $3.00, what is the consumer surplus on the second ice cream cone?
A) $0 B) $0.50 C) $3.00 D) $5.50
A
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Many things that society values, such as good health, high-quality education, enjoyable recreation opportunities, and desirable moral attributes of the population, are not measured as part of GDP. It follows that
a. GDP is not a useful measure of society's welfare. b. GDP is still a useful measure of society's welfare because providing these other attributes is the responsibility of government. c. GDP is still a useful measure of society's welfare because it measures a nation's ability to purchase the inputs that can be used to help produce the things that contribute to welfare. d. GDP is still the best measure of society's welfare because these other values cannot actually be measured.
In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year ________.
Fill in the blank(s) with the appropriate word(s).
The most accurate way to compare standards of living throughout the world is to look at
A. total Gross Domestic Product (GDP). B. foreign exchange rates. C. GNP. D. purchasing power parity.
Answer the following statements true (T) or false (F)
1) The short-run aggregate supply curve is vertical and the long-run aggregate supply curve is horizontal. 2) The short-run aggregate supply curve shifts to the left when nominal wages rise in response to price level increases. 3) In the extended AD-AS model, the long-run aggregate supply curve is vertical. 4) Demand-pull inflation and cost-push inflation are identical concepts because both involve lower unemployment rates and rising prices. 5) The Phillips Curve suggests an inverse relationship between increases in the price level and the level of employment.