One shortcoming of real GDP as an indicator of society's social well-being is that it fails to take into account the:
A. non-market production.
B. change in the price level.
C. growth in productivity.
D. increase in the quantity of goods.
Answer: A
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A) budget deficit B) negative externality C) consumer surplus D) positive externality
If the Federal Reserve increases the legal reserve requirement, banks are not obliged to comply
Indicate whether the statement is true or false
The benefit estimation method employed by Carson and Mitchell in their analysis of the Clean Water Act was
a. the travel cost method (TCM) b. the contingent valuation method (CVM) c. the averting expenditure method (AEM) d. the hedonic price method (HPM)
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a. The total benefits of doing so are less than the total costs. b. The additional costs of doing so are great than the additional benefits. c. The additional costs of doing so are the same as the additional benefits. d. The additional benefits of doing so are greater than the additional costs.