A cartoon in the text shows two people watching television. On the screen are the words "Economic growth indicators are up, led by car repairs, divorce costs, open-heart surgeries, and toxic waste cleanups." The cartoon illustrates the
A) Difficulty in measuring social welfare.
B) Difference between GDP and national income.
C) Problem of measuring the difference in wealth between the United States and other nations.
D) Difference between GDP and NDP.
Answer: Difference between economic welfare and social welfare.
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Refer to Table 10.1. Equilibrium real GDP for this economy is equal to
A) $5.75 billion. B) $12 billion. C) $23 billion. D) $46 billion.
The Social Security Administration projects that the dependency ratio will
A. rise rapidly over the next 50 years (from around 20% to around 57%). B. remain relatively constant at around 20%. C. rise rapidly over the next 20 years (from around 25% to around 38%), stabilize for 20 years, and then grow again. D. rise rapidly over the next 20 years (from around 25% to around 38%), stabilize for 20 years, and then fall.
Buyers and sellers receive information about what should be bought and what should be produced
A) By listening to TV news programs B) From prices in a market system C) From newspaper gossip columns D) From friends and family
The price elasticity of a monopolistically competitive firm's demand curve varies:
A. inversely with the number of competitors and the degree of product differentiation. B. directly with the number of competitors and the degree of product differentiation. C. directly with the number of competitors but inversely with the degree of product differentiation. D. inversely with the number of competitors but directly with the degree of product differentiation.