One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. environmental quality is ignored.
B. quality has remained steady.
C. things produced by people under 18 are not counted.
D. people substitute between goods.
Answer: A
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A publisher is deciding whether or not to invest in a new printer. The printer would cost $500, and it would increase cash flows by $600 for the next two years. What is the present value of the cash flows from the investment?
a. $1100 b. $541 c. $600 d. $1041
If the firm is maximizing profits, it is producing ____ units of output and charging a price of ____.
A. OF; ON
B. OF; OL
C. OG; ON
D. OG; OM
Under adaptive expectations theory, people expect the rate of inflation this year to be:
A. zero, regardless of the rate last year. B. the same as last year. C. the rate based on predictable and fiscal policies. D. always higher than last year.
Explain why economists consider it to be one of the economic functions of government to provide a legal system
What will be an ideal response?