Which of the following is a primary use for national income accounts?
A. To measure changes in the value of production and income in the economy
B. To assess the economic efficiency of specific industries in the economy
C. To determine whether there is a fair and equitable distribution of income in the economy
D. To analyze the environmental cost of economic growth
Answer: A
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Suppose the production of a good results in negative externalities. If all costs are taken into account, then
A. output will be at a lower level than if all costs are not taken into account. B. output will be at a lower level than the socially optimal level. C. the marginal private cost curve will lie above and to the left of the marginal social cost curve. D. a and b E. a, b, and c
Happyland is a country devoted to consumption. The inhabitants spend all of their income on pleasurable things and virtually none on capital investment, human or otherwise. Seriousland is frugal, spending very little on consumption and a great deal on human and physical capital. Ten years from now, which country would you prefer to inhabit?
If aggregate demand increases and, as a result, the price level increases but equilibrium real GDP and employment remain unchanged, we can assume that the aggregate demand curve
A. intersects the upward-sloping segment of the aggregate supply curve. B. intersects the vertical segment of the aggregate supply curve. C. intersects the horizontal segment of the aggregate supply curve. D. is horizontal.
In the postwar era, the average business expansion has lasted about 59 months.
Answer the following statement true (T) or false (F)