The gross domestic product is not a good measure of the standard of living in a nation because it:
A. Includes the cost of health insurance
B. Excludes payments for pollution control equipment
C. Does not account for the size of the population
D. Does not account for the cost of police protection
C. Does not account for the size of the population
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Differences in productivity can actually benefit society even when this results in increases in income inequality
Indicate whether the statement is true or false
The main center of the Eurodollar market is
A) London. B) Basel. C) Paris. D) New York.
The cost of holding money balances increases when
a. the purchasing power of money rises. b. the money interest rate increases. c. the price of goods and services falls. d. consumer income expands.
After Joyce and Larry purchased their first house, they made additional home improvements in response to increases in income. After a while, their income rose so much that they could afford a larger home. Once they realized they would be moving, they reduced the amount of home improvements. Their Engel curve for home improvements on their current home is
A) negatively sloped. B) flat. C) positively sloped. D) backward bending.