Which of the following statements best describes the relationship between GDP and standard of living?
a. GDP does not understate or overstate the standard of living.
b. GDP may understate the standard of living.
c. GDP may understate or overstate the standard of living.
d. GDP may understate the standard of living.
c. GDP may understate or overstate the standard of living.
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The law of comparative advantage implies that a doctor who is also a talented auto mechanic should
A. get a part-time job at a gas station. B. do his or her own auto repairs and those of his or her neighbors. C. hire a professional mechanic to repair his or her car. D. only repair the cars of other doctors.
Attempts to fine-tune the economy through shifts in fiscal and monetary policy
A) cannot alter the level of unemployment but may change the price level. B) may not do any good but certainly do no harm. C) produce greater stability, but only at the cost of an ever-increasing national debt. D) will increase rather than reduce instability if the policy makers lack adequate information.
Suppose three neighbors must vote on the installation of a traffic light that costs $210. The cost of the light will be shared by all three
Voter A values the light at $50; voter B values the light at $50; and voter C (who drives the most) values the light at $200. If the voting rule is that the majority wins, does the light get purchased? Is it efficient to purchase the light?
A corporation is an entity separate and distinct from its owners.
Answer the following statement true (T) or false (F)