If country A had a smaller underground economy than country B, and country A's citizens worked more hours per week than the citizens of country B, other things equal, then
a. GDP comparisons between the countries would overstate the economic welfare of country A compared to B.
b. GDP comparisons between the countries would understate the economic welfare of country A compared to B.
c. it is impossible to know which direction GDP comparisons between the countries would be biased as measures of the economic welfare of the two countries.
d. it would not introduce any bias in using GDP to compare economic welfare between the countries.
a
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When a celebrity has the desire to have his image protected following his death, this is best described as an example of the protection of
A) a patent. B) intellectual property. C) an invention. D) a trademark.
The larger the marginal propensity to save, other things constant, _____
a. the larger the marginal propensity to consume b. the larger the multiplier c. the flatter the consumption function d. the flatter the saving function e. the steeper the consumption function
Since it is costly for stockholders to monitor corporate managers, managers may be able to achieve personal perks and pursue other policies that conflict with profit maximization. This is an example of
a. an external benefit. b. economies of scale. c. the principal-agent problem. d. sunk costs.
Macroeconomics includes the study of:
A. How rent ceilings impact the construction rates of new apartments. B. How grocery cart rental fees impact parking lot accident rates. C. How the increase in the labor force participation rate by females impacts childhood obesity. D. How the economy works on a regional, national, or international scale.