The measurement of economic growth cannot take into account
A. productive activity in an economy.
B. the service sector of an economy.
C. differences in inflation rates across countries.
D. cultural aspects of life in a country.
Answer: D
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6%-8% economic growth rate is 2% what is nominal rate
What will be an ideal response?
Briefly and concisely define the following concepts and terms.
a. marginal social cost b. detrimental externalities c. free-rider problem d. cost disease e. “defective telescopic faculty”
If you overheard a worker say that she has moved up the ladder as far as she can with her current employer and she is going to take the job because they will continue making payments into her 401K, you can be pretty sure she is
A. being exempted from Social Security. B. on a defined contribution program. C. on a defined benefit pension program. D. trapped in a Ponzi scheme.
People basically borrow in order to
A) go into debt. B) have more funds. C) have interest payments. D) have current consumption rather than waiting to consume in the future.