In 2001 the United States and its NATO allies dropped millions of dollars' worth of bombs on Afghanistan. These bombs and the aircraft from which they were dropped
a. were netted out of GDP.
b. increased GDP and increased personal welfare.
c. decreased GDP and decreased personal welfare.
d. were added to GDP.
d
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Events that arise spontaneously and unpredictably, often as a result of changes in consumer and business confidence regarding the economy, are called
A) supply shocks. B) demand shocks. C) recessions. D) externalities.
The difference between the ________ for a good and the ________ is called consumer surplus
A) lowest price a consumer is willing to pay; price the consumer actually pays B) highest price a consumer is willing to pay; price the consumer actually pays C) highest price a consumer is willing to pay; lowest price a consumer is willing to pay D) price the consumer actually pays; actual cost to the producer
When there is a resource for which property rights are not well defined and there is a difference between private costs and social costs, then all but which of the following is a way to close the difference?
A) the free market system B) taxation C) subsidization D) regulation
For farmers as a group, increased productivity can lead to lower incomes
Indicate whether the statement is true or false