GDP includes:
a. the negative attributes in our quest for more goods and services such as soil erosion and deforested landscape.
b. all quality improvements resulting from higher quality goods replacing inferior goods.
c. the cleaning-up expenses associated with pollution.
d. the value of leisure time.
c
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Unintended costs that are imposed in third parties as a result of an economic activity are called:
a. marginal costs. b. direct costs. c. negative externalities. d. positive externalities. e. positive costs.
Which of the following is a possible government objective?
a) High borrowing costs b) Low income per person c) Lower employment d) Lower inflation
Explain the excess burden of a tax on luxury yachts.
What will be an ideal response?
To explore the rationale for specialization, economists use the:
A. marginal principle. B. principle of opportunity cost. C. real-nominal principle. D. principle of marginal exchange.