One of the reasons that Real Gross Domestic Product is not synonymous with social welfare is
A. it treats all spending the same (spending on military hardware is treated the same as spending on education).
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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The area below the demand curve but above the market price line is
A) represents a Nash game outcome. B) consumer surplus. C) total revenue. D) total profit.
If the supply curve of a commodity is upward sloping, and the producing country begins to export more in a pure free trade system, the domestic price of the commodity will
a. fall. b. rise. c. exceed the price in foreign countries. d. be below the price in foreign countries.
Which of the following IACs (industrially advanced countries) was the leading provider of development assistance to DVCs (developing countries) in 2012, in terms of absolute dollar amounts?
A. United States B. Japan C. Canada D. Germany
Refer to the information provided in Table 20.1 below to answer the question(s) that follow. Table 20.1
Refer to Table 20.1. In Mexico, the opportunity cost of 1 bushel of oranges is
A. 1/2 bushel of bananas. B. 1 bushels of bananas. C. 2 bushels of bananas. D. 5 bushels of bananas.