In recent years, technological improvements and the Internet have substantially reduced transaction costs and expanded the availability of low-cost access to information, communications, and entertainment. Most economists believe that these changes Select one:
a. cause GDP to overstate the growth rate of real output and the improvement in the well-being of people.
b. cause GDP to understate the growth rate of real output and the improvement in the well-being of people.
c. cause the consumer price index to increase more rapidly than the general level of prices.
d. reduce the gains from trade and thereby cause GDP to decline.
b. cause GDP to understate the growth rate of real output and the improvement in the well-being of people.
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