Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on the environment.
b. GDP accounts for all activities taking place outside markets.
c. GDP provides detailed information about the distribution of income.
d. GDP is a good measure of economic well-being for all purposes.
a
You might also like to view...
Which of the following will shift the aggregate demand curve to the right?
A. Income taxes are raised. B. Business managers become pessimistic about the future. C. The government increases spending on education. D. Consumers become pessimistic about the future.
Refer to Figure 9.2. At price 0E and quantity Q*, producer surplus is the area
A) 0ACQ*. B) 0ECQ*. C) 0FCQ*. D) EFC. E) none of the above
The three basic legal forms of business enterprise are
a. monopolists, competitors, and enterprises. b. vertical, horizontal, and conglomerate corporations. c. conglomerates, multinationals, and partnerships. d. proprietorships, partnerships, and corporations.
Refer to the above diagram, in which Qf is the full-employment output. If the economy's current aggregate demand curve is AD3, it is experiencing:
A. a negative GDP gap. B. a recession. C. a positive GDP gap. D. cost-push inflation.