Economists often examine GNP to estimate changes in the well being of people. If one only studied GNP, which of the following would lead one to overestimate the true increases in peoples' well being?
a. Decreasing average hours of work
b. Increasing life expectancy
c. Decreasing levels of pollution
d. Decreasing amounts of production in the home
e. Increases in product quality
d. Decreasing amounts of production in the home
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Assume that the market for bread is perfectly competitive. The demand for bread is given by the equation: D = 120 - 10P and the market supply for bread is given by: S = 60 + 5P. Determine the equilibrium price and quantity of bread
What happens if the price of the bread is set at $10 per loaf? What happens if the market price is set at $2 per loaf?
If a bank is selling Russian rubles (RUB) for $0.16, then the implied ruble price of the dollar is RUB 6.25
a. True b. False Indicate whether the statement is true or false
The Sherman Antitrust Act:
A. was passed in 1800. B. was actively used by President Roosevelt in the early 20th century. C. no longer applies to business practices today. D. All of these statements are true.
Refer to Figure 2-5. If the economy is currently producing at point Y, what is the opportunity cost of moving to point X?
A) 9 million tons of paper B) 5 million tons of paper C) 5 million tons of steel D) 19 million tons of steel