Increases in real GDP since 1900 can actually underestimate growth in the standard of living for Americans since 1900 because
A) the crime rate was higher in 1900 than it is today.
B) goods and services are more expensive today as compared to 1900.
C) the quality of health care that exists today was not available in 1900.
D) the level of pollution in 1900 was much higher than it is today.
C
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Paul and Wayne are starting a consulting firm together. Their liability is limited; therefore, their firm is an example of a
A) partnership. B) proprietorship. C) corporation. D) None of the above answers is correct.
Refer to Table 2-13. What is Tammi's opportunity cost of grooming a dog?
A) two bathed cats B) half a bathed cat C) one and a half bathed cats D) two-thirds of a bathed cat
A person with two jobs is counted __________ in the household survey and __________ in the establishment survey
A) once; once B) once; twice C) twice; once D) twice; twice
Suppose that vegetarian lobby groups run large advertising campaigns that are successful in substantially lowering the consumption of beef. As a result of the substantially lower desire for beef, we would expect
a. the price of beef to fall. b. the profitability of being a cattle rancher to fall. c. a reduction in the number and size of cattle herds--and thus the number of cows--in the long run. d. all of the above.