Increases in real GDP would overstate the increase in the well-being of a country over time if, over that time period, the
A) average hours worked per week increased.
B) amount of pollution decreased.
C) price level increased.
D) crime rate decreased.
Answer: A
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Suppose the government of a town of 2,000 people implements a tax on each of its 2,000 citizens to raise $1,000 for a sculpture that will be placed in the common area of a 5-person neighborhood
Each of the 5 people in the small neighborhood will receive $120 in benefits from the sculpture. This tax is likely to A) generate a great deal of opposition from taxpayers. B) generate a great deal of opposition from the 5 people in the affected neighborhood. C) generate little opposition from a majority of its taxpayers. D) generate the desirable social outcome.
Which of the following activities would be included in GDP?
A. You hire a cleaning service at $40 to clean your house. B. Your roommate pays you $40 to clean the house. C. Your parents send you $40 to hire a house cleaner, and you clean the house and keep the $40 yourself. D. All of these would be included in GDP, since there was a monetary exchange.
Compared to a nonpoor individual, a poor individual is more likely to be
a. female. b. black. c. a child. d. All of the above are correct.
All of following are commonly considered to be common property EXCEPT
A) spotted owls in the wild. B) fish in an ocean. C) pigs raised in a farm. D) wild salmon in a river.