When trying to determine the standard of living in a given country, it is not important to observe its income distribution, because what we are interested in is the income per person in the economy
a. True
b. False
Indicate whether the statement is true or false
False
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A government-set price floor on a product
A. is intended to benefit the buyers of the product. B. will attract more resources towards the production of the product. C. does not interfere with the rationing function of price in a market system. D. will drive resources away from the production of the product.
What impact do you think that the movement of women from working in the household to working in the market has had on GDP? Why? Do you think that this points to a problem with GDP?
What will be an ideal response?
Reasoning resulting in differing results includes the time period under examination, the data sources and proxies used, the econometric tools employed, and many other reasons. This is not to say that because different researchers come to different conclusions the analysis is confused. It just means further investigation is needed.
What will be an ideal response?
If P = 12, V = 6, and M = 1,000, then GDP is
A. 1,000. B. 2,000. C. 3,000. D. 500.