Which of the following is a critique of GDP discussed in the text?
Select one:
a. GDP does not account for resource depletion.
b. GDP does not account for well-being.
c. GDP does not include household production.
d. All of the answers listed.
d. All of the answers listed.
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In practice, it is difficult to integrate the concept of vertical equity into the tax code although it is widely agreed that high-income individuals should pay more
a. True b. False
A legal minimum on the price at which a good can be sold is called a
a. price subsidy. b. price floor. c. tax. d. price ceiling.
If Franco's Pizza Parlor knows that the marginal cost of the 500th pizza is $3.50 and that the average total cost of making 499 pizzas is $3.30, then
a. average total costs are rising at Q = 500. b. average total costs are falling at Q = 500. c. total costs are falling at Q = 500. d. average variable costs must be falling.
When actual output equals potential output and the inflation rate is equal to the expected rate of inflation, the economy is said to be in ________ equilibrium.
A. recessionary B. long-run C. expansionary D. short-run