Gross domestic product (measured in real dollars) is an important social tool because it provides
a. observers with a reasonably good index of social progress.
b. policy makers with a measure of the nation's total wealth.
c. policy makers with information about the economy's current rate of output and the direction of recent changes.
d. economists with a reasonably good measure of income inequality.
C
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If the economy produces 12 capital goods and 40 consumer goods,
The table below shows the number of umbrellas and bushels of corn produced in the United Kingdom and the rest of the world per labor hour. The rest of the world has an absolute advantage in the production of ProductivityIn the United KingdomIn the Rest of the WorldUmbrellas per labor hour0.251.00Bushels of corn per labor hour0.500.67
A. only corn. B. neither corn nor umbrellas. C. only umbrellas. D. both goods.
Five million people working in the manufacturing sector in the United States have lost their jobs between 2000 and 2015, but as of 2013 affiliates of foreign multinationals employed more than 6 million workers in the United States.
Answer the following statement true (T) or false (F)
If private bargaining to resolve an externality is to result in an efficient outcome,
A. the initial assignment of rights must be clear to both parties. B. there must be direct regulation of externalities. C. rights must be protected by liability rules. D. there must be tradable pollution rights.