The costs of pollution are subtracted from the value of final sales before calculating GDP.
Answer the following statement true (T) or false (F)
False
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The figure above shows the demand curve for pizza. Using the midpoint method and moving from point A to point B, calculate the
a) percentage change in price. b) percentage change in quantity demanded. c) price elasticity of demand.
If a good is normal, then the income effect is _____ for a price increase and _____ for a price decrease.
A. positive; negative B. positive; positive C. negative; negative D. negative; positive
Which of the following does not appear in GDP as a part of government spending?
A. Clipboards at the Department of Motor Vehicles. B. Maintenance of government buildings. C. Social Security payments. D. City fireworks displays on the Fourth of July.
Total net benefits are maximized when marginal net benefits are
a. Maximized b. Minimized c. Zero d. Equal to the discount rate e. Equal to price