All of the following are shortcomings of GDP as a measure to human well-being except it:
a. Excludes quality improvements that do not increase price or quantity sold.
b. Excludes international transactions.
c. Excludes black market and underground transactions.
d. Counts harmful and dangerous output the same as useful output.
e. Excludes non-market transactions.
.B
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Which of the following would shift the supply curve to the right?
A) A rise in the expected future price of the good B) A rise in the costs of producing the good C) Fewer producers in the industry D) All of the above. E) None of the above.
When incentives to earn income are distorted by income redistribution programs,
a. losses can exceed potential gains from greater equality of income. b. total income in an economy can fall. c. total utility in society can fall. d. All of the above are correct.
A firm experiences diminishing marginal returns because:
A. all factors of production are variable. B. people "learn by doing." C. all factors of production are fixed. D. at least one factor of production is fixed.
Recall the Application about the wireless phone service provided by thousands of entrepreneurial women in Pakistan to answer the following question(s).Recall the Application. Because the average earnings of the "wireless women" in Pakistan are three times the average wage rate, then we would expect that in the long run:
A. more entrepreneurs would exit the market. B. more entrepreneurs would enter the market. C. the earnings of wireless women would increase. D. the cost of making a wireless call in Pakistan would increase.