The GDP can overstate the economy because ___________.
a. it excludes self-production, increased leisure time, and improved health.
b. it includes self-production, increased leisure time, and improved health.
c. it excludes harm caused by pollution, crime, and income inequality.
d. it includes harm caused by pollution, crime, and income inequality.
c. it excludes harm caused by pollution, crime, and income inequal
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The behavior of many savings-and-loans in the 1980s appears to be evidence __________ the existence of __________ problem in deposit insurance
A) supporting; a moral hazard B) supporting; an adverse selection C) against; a moral hazard D) against; an adverse selection
Economic forecasts
A. Drive economic policy for both the Fed and Congress. B. Drive economic policy for the Fed but not for Congress. C. Are basically inaccurate, so the Fed and Congress pay little attention to them. D. Drive economic policy for Congress but not for the Fed.
The larger the number of firms in an industry and the less the extent of product differentiation, the greater will be the elasticity of the individual seller's demand curve.
Answer the following statement true (T) or false (F)
Which of the following ways of distributing the laptops would be more efficient? (Check all that apply.)
A. Using a first-come, first-served rule. B. Auctioning off the laptops to the highest bidders. C. Using a random lottery to decide who gets the laptops. D. Using flexible prices, so those who value the laptop more would pay more for it.