Which of the following is not a reason to be cautious about using GDP as an indicator of development?
a. Developing countries may not have many statisticians.
b. GDP includes the value of harmful products.
c. Many goods and services are exchanged for others and are not recorded as having a specific value.
d. Traditional methods of comparing countries' GDP data have numerous statistical weaknesses.
e. All of the above are reasons for caution.
E
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The amount of profit necessary to keep the entrepreneur operating is known as
a. normal profit. b. economic profit. c. variable profit. d. explicit profit.
A good definition of the meaning of development is the
a. elimination of absolute poverty. b. improvement in the quality of life. c. fulfillment of the potential of individuals. d. all of the above.
Reverse auctions
A) require customers to fly at unpopular times. B) allow firms to identify customers that have very elastic demand curves. C) Both A and B. D) are used to keep high paying customers from spending too little money.
If Max's demand for hot dogs falls as his income rises, then for Max hot dogs are
A) a bad good. B) an inferior good. C) a preferential good. D) a normal good. E) a neutral good.