National income accounting helps economists and policymakers ________.
A. determine which firms are likely to succeed or fail
B. measure what is occurring in each specific labor market
C. follow the long-run course of the economy to assess whether it has grown or stagnated
D. It helps accomplish all of these
Answer: C
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A bank panic refers to a situation where banks are afraid they will not have enough customers to borrow all their excess reserves
Indicate whether the statement is true or false
Answer the following statements true (T) or false (F)
1. Average variable cost (AVC) is calculated by dividing the change in total cost between two levels of output by the change in output. 2. Many tasks can be performed with a range of combinations of labor and physical capital. When considering long-term costs, physical capital and labor can often substitute for each other. 3. The term diseconomies of scale refers to the situation where the cost per unit goes down as the quantity of output goes up. 4. If the quantity of a certain product demanded in the market is much greater than the quantity found at the bottom of the long-run average cost curve, where the cost of production is lowest, the market will have many firms competing. 5. A perfectly competitive firm can sell as large a quantity as it wishes, as long as it accepts the prevailing market price.
When a corporation decides to include its own corporate stock as part of the compensation for its employees, it is trying to solve the
a. adverse selection problem. b. principal-agent problem. c. lemons problem. d. signaling problem.
Critics of government frequently assert that special interest groups favor transfer policies rather than economic growth policies
Indicate whether the statement is true or false