Although economists use different methods to calculate GDP, each method should lead to the same number for GDP
a. True
b. False
A
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Perfect income equality is achieved if each population quintile receives what percent of income?
a. 20 percent b. 10 percent c. 75 percent d. 50 percent e. 100 percent
Name two occupations that have the two characteristics required for the superstar phenomenon
Vertical summation of demand curves yield results equivalent to those of horizontal summation.
A. True B. False C. Uncertain
Recall the Application about the link between happiness and GDP to answer the following question(s). Comparing changes in happiness to changes in per capita income over the last 30 years, economists at Dartmouth College and Warwick University have measured levels of happiness in the United States and United Kingdom based on income levels, ethnicity, age, and gender.This Application addresses the economic concept of:
A. real versus nominal GDP. B. fluctuations in GDP. C. GDP as a measure of welfare. D. measuring a nation's national income.