Increases in real GDP would overstate the increase in the well-being of a country over time if, over that time period, the
A) price level increased. B) amount of pollution decreased.
C) crime rate decreased. D) average hours worked per week increased.
D
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Both minivan sales and birth rates are on the rise. The conclusion that minivans cause people to have children is an example of making the mistake of:
A. extrapolation. B. omitted variables. C. correlation without causation. D. reverse causality.
Which of the following markets are closest to perfectly competitive
a. The market for smart phones b. The market for generic pharmaceuticals c. The market for sport shoes d. The market for fast food
A large number of businesses are organized as sole proprietorships because it is easy for them to acquire large sums of financing
a. True b. False
As of 2014, the average household earned $53,657. In 1979, the average household earned $16,461. Although it appears as though incomes have more than tripled, other prices have risen too. This illustrates a concept known as
A. disinflation. B. COLA. C. deflation. D. money illusion.