Despite some problems with equating GDP with economic well-being, higher real GDP per person does imply greater economic well-being because it tends to be positively associated with:
A. poverty, depletion of nonrenewable resources, and congestion.
B. crime, pollution, and economic inequality.
C. unemployment, availability of goods and services, and better education.
D. better education, health and life expectancy.
Answer: D
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Refer to Figure 5-6. What is the deadweight loss resulting from producing at the market equilibrium?
A) B + C B) F C) E + C D) C
An exogenous increase in the country's trade balance shifts the
a. IS schedule to the left. b. IS schedule to the right. c. LM schedule to the left. d. LM schedule to the right.
Which of the following is an example of trade policy at the national level?
a. Congress passing legislation to prevent dumping. b. The European Union adopting a common currency c. The World Trade Organization holding a round of negotiations in France d. The U.S. International Trade Commission
In the 2008 credit crisis,
A. Home prices had no effect on the economy. B. Home prices rose and caused a shortage in housing. C. Home prices fell and caused home owners to default on loans. D. None of the choices are correct.