The portion of a country's overall assets that is directly related to the environment, such as forests and soil quality, is known as
(a) environmental capital.
(b) debt for nature swaps.
(c) protected areas.
(d) common property assets.
A
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Suppose the price of a good rises. When will the resulting income effect reduce the quantity demanded of the good?
a. Always. b. Whenever the good is a non-Giffen good. c. Only when the good is normal. d. Only when the good is inferior.
Using real GDP to compare the level of economic well-being in two countries may be misleading because the value of ________ contributes to economic well-being, but is excluded from real GDP.
A. services B. capital goods C. formal education D. leisure
The principle of voluntary exchange is the concept that a voluntary exchange between two people makes both people better off
Indicate whether the statement is true or false
Suppose that in 2009 the total value of exports was $250 million, while imports were $225 million. The contribution of net exports to GDP was
a. $250 million b. $25 million c. $475 million d. $225 million e. -$25 million