The following factors tend to make the real GDP growth rate understate the growth of economic well-being, except:
A. Improved product quality
B. Added leisure
C. Debasement of the environment
D. More stress-free lifestyle
C. Debasement of the environment
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For a perfectly competitive firm, profit maximization occurs when output is such that
A) total revenue (TR) is maximized. B) total cost (TC) is minimized. C) marginal revenue (MR) = marginal cost (MC). D) average total cost (ATC) is minimized. E) total revenue (TR) equals total cost (TC).
Why would making a permanent change in a monetary aggregate have an effect on exchange rates in a nation?
a. Permanent rates are mostly set by short-run fluctuations in the rate of interest caused by monetary instability. b. A permanent change is never quite as permanent as policy makers claim-people form expectations on past performance rather than declarations. c. The central bank is always aware of the effect on exchange rates as it formulates policy, so it is very careful to make small permanent changes that have no effect on exchange rates. d. Traders form expectations of future exchange rates based on the anticipated long-run effects of monetary operations
When a competitive equilibrium is achieved in a market
A) the total net benefit to society is maximized. B) the total benefits to consumers are equal to the total benefits to producers. C) economic surplus equals the deadweight loss. D) all individuals are better off than they would be if a price ceiling or price floor was imposed by government.
Use the above table. Assuming constant opportunity costs, the opportunity cost of producing cookies in country Alpha is ________, and the opportunity cost of producing cookies in country Beta is ________
A) 0.33 ton of coffee; 2 tons of coffee B) 3 tons of coffee; 0.5 ton of coffee C) 0.375 ton of cookies; 2.25 tons of coffee D) 2.67 tons of coffee; 0.44 ton of cookies