All of the following are shortcomings of GDP as a measure to human well-being except it:
a. Excludes non-market transactions.
b. Excludes international transactions.
c. Excludes black market and underground transactions.
d. Excludes quality improvements that do not increase price or quantity sold.
e. Excludes the value of leisure time.
.B
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An economy is at full employment. Which of the following events can create a recessionary gap?
A) an increase in foreign income B) an increase in taxes C) a decrease in the quantity of capital D) a decrease in money wages
If the market in the figure above is a monopoly that maximizes its profit and charges every consumer the same price for each unit of output the consumer buys, the consumer surplus is equal to ________.
A) area A.
B) area B.
C) area C.
D) area D.
When the supply of land is upward sloping,
a. all land owners earn land rents b. the demand for land must intersect it c. all land owners have the same supply price d. different supply prices are generated for different lands e. a rightward shift in demand causes land rents to fall
After the terrorist attacks on September 11, 2001, the United States began devoting substantial resources toward the War on Terrorism, homeland security, and relief efforts. Use the production possibilities curve to demonstrate how this might affect the production of other goods in the United States