The GDP can overstate the economy because ___________.
a. it excludes self-production, increased leisure time, and improved health.
b. it includes self-production, increased leisure time, and improved health.
c. it excludes harm caused by pollution, crime, and income inequality.
d. it includes harm caused by pollution, crime, and income inequality.
c. it excludes harm caused by pollution, crime, and income inequality.
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Which of the following best illustrates a perfectly competitive market?
a. Soft drinks. b. Automobiles. c. Electric power. d. Soybean farmers.
A static model is postulated when:
A. a change in the independent variable at time ‘t' is believed to have an effect on the dependent variable at period ‘t + 1'. B. a change in the independent variable at time ‘t' is believed to have an effect on the dependent variable for all successive time periods. C. a change in the independent variable at time ‘t' does not have any effect on the dependent variable. D. a change in the independent variable at time ‘t' is believed to have an immediate effect on the dependent variable.
We see a backward-bending labor supply curve whenever
A. the income effect dominates the substitution effect over some range of wage rates. B. the substitution effect dominates the income effect over some range of wage rates. C. minimum wages are set too low. D. minimum wages are set too high.
Why is a monopolist a price maker?
What will be an ideal response?