Gross Domestic Product would be a more accurate indicator of economic well-being of society if
A. military expenditures were included in GDP.
B. military expenditures were excluded from GDP.
C. the government did not purchase goods and services.
D. stock market transactions were excluded from GDP.
Ans: B. military expenditures were excluded from GDP.
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Refer to the scenario above. Using 2012 as the base year, what is the real GDP of the economy in 2013?
A) $49,500 B) $55,000 C) $47,000 D) $56,000
In the nonstrategic view of bargaining
a. Insights are drawn from how many similar games are played without specifying the strategies b. We use the fact that bargaining often results in a fifty-fifty split c. The bargain is affected by the parties' disagreement values d. All of the above
_____ occurs when unobservable qualities are valued incorrectly because of a lack of information
a. Moral hazard b. Adverse selection c. Conspicuous consumption d. Marginal selection e. Statistical discrimination
A monopolistically competitive industry has
A. a differentiated product and barriers to exit and entry. B. a differentiated product and ease of exit and entry. C. identical products and barriers to exit and entry. D. identical products and ease of exit and entry.