What are the four main limitations of GDP accuracy?
(D) Depreciation, price level, distortion, and underground economy.
(B) Nonmarket activities, underground economy, negative externalities, and quality of life.
(C) Durable good, nondurable good, black market, and negative externalities.
(D) Trough, peak, recession, and depression.
Ans: (B) Nonmarket activities, underground economy, negative externalities, and quality of life.
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An advance in technology that increases productivity and an increase in the working-age population results in a
A) rightward shift of the labor supply curve. B) rightward shift of the labor demand curve. C) rightward shift of the labor demand curve and of the labor supply curve. D) no change to the production function.
In the nation of Transporta, the income elasticity of demand for used cars is -2.66. So when incomes in this nation increase by 10 percent
A) the quantity of used cars demanded will increase by 26.6 percent. B) used cars will be normal goods. C) the quantity of used cars demanded will decrease by 26.6 percent. D) the demand curve for used cars will shift rightward.
Consider a country that produces only two goods: pineapples and tractors. Suppose it is possible for this country to increase its production of pineapples without producing fewer tractors. In this case, its current output combination is inefficient
Indicate whether the statement is true or false