GDP is an imperfect measure of well-being because
a. it does not measure standards of living.
b. it does not include household production.
c. it ignores many of the costs of production.
d. it excludes many goods produced within markets.
e. both b and c.
E
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The figure shows the market for college education. The efficient number of students is
A) less than 4 million. B) more than 4 million and less than 8 million. C) 4 million. D) 8 million. E) more than 8 million.
If the real interest rate increases from 3 percent to 5 percent
A) the nominal interest rate will also increase. B) the demand for loanable funds curve will shift rightward. C) there will be a movement up along the demand for loanable funds curve. D) the supply of loanable funds curve will shift rightward.
Utilitarianism is the idea that only
A) competition brings efficiency. B) efficiency brings equality. C) income equality is fair. D) efficiency is fair.
A graphical representation which shows the trade-off that occurs when more of one output is obtained at the sacrifice of another is called
A) a Laffer Curve. B) a production possibilities curve. C) a bell curve. D) a supply curve.