GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time.
B. goods produced domestically but sold to foreigners.
C. government purchases of goods and services.
D. services purchased by households.
Answer: A
You might also like to view...
A perfectly competitive firm will continue to operate in the short run when the market price is below its average total cost if the
A) marginal revenue is greater than marginal cost. B) price is at least equal to the minimum average variable cost. C) total fixed costs are less than total revenue. D) marginal cost is minimized. E) price is also less than the minimum average variable cost.
In a single payer model of healthcare, the government pays for all healthcare. Because patients access healthcare at a zero or low cost, the quantity of healthcare services demanded exceeds the quantity provided
A) Both sentences are false. B) The first sentence is false; the second sentence is correct. C) The first sentence is correct; the second sentence is false. D) Both sentences are correct.
The vertical distance between a firm's total cost (TC) and its total variable cost (TVC) curves
A) decreases as output decreases. B) is equal to the average variable cost, AVC. C) is equal to the total fixed cost, TFC. D) is equal to the marginal cost, MC.
Many argue the poor are getting poorer, at least in a relative sense. Evidence that contradicts this is that
A) household income of the lowest twenty percent of households relative to the highest twenty percent of households has fallen over the last thirty years. B) the official poverty level of income has increased over the years. C) household spending of the lowest twenty percent of households relative to the highest twenty percent of households has held constant over the last thirty years. D) the pretax distribution of income is more equal than the after-tax distribution of income.