International data on GDP and socioeconomic variables
a. are inconclusive about the relationship between GDP and the economic well-being of citizens.
b. suggest that poor nations actually might enjoy a higher standard of living than do rich nations.
c. leave no doubt that a nation's GDP is closely associated with its citizens' standard of living.
d. indicate that there are few real differences in living standards around the world, in spite of the large differences in GDP between nations.
c
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The government has a budget surplus if
A) there is no national debt. B) tax revenue is greater than outlays. C) government outlays are greater than tax revenue. D) the budget is balanced. E) a fiscal stimulus is being used to combat a recession.
In economics, the main difference between market and government stems from differences in
A) attitude. B) prevailing property rights. C) competition and cooperation. D) men and women. E) the majority and the minority.
What reasons do governments often give to justify the decision to not allow price to ration goods?
What will be an ideal response?
In the short run, if a firm shuts down, its loss is equal to
a. $0 b. its variable costs c. its fixed costs d. fixed costs minus variable costs e. fixed costs minus total revenue