One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. things produced by people under 18 are not counted.
B. people substitute between goods.
C. it ignores the value of leisure.
D. quality has remained steady.
Answer: C
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Compared to prices charged by Uber, traditional taxi companies charge government-regulated prices. These government-regulated prices ________ in the market for shared rides
A) decrease producer surplus B) decrease consumer surplus C) increase consumer surplus D) decrease deadweight loss
Why don't governments avoid budget deficits under all circumstances?
Using marginal analysis, an economist would judge the proper distribution of government spending by comparing
A. the amount spent with the amount spent in the previous year. B. whether the last dollar spent on one program would have been better spent on another. C. whether the last dollar spent would have been better left in private hands. D. whether the last dollar spent garnered any value to society.
Recurring upswings and downswings in an economy's real GDP over time are called:
A. total product oscillations. B. recessions. C. business cycles. D. output yo-yos.