All of the following are shortcomings of GDP as a measure to human well-being except it:
a. Excludes black market and underground transactions.
b. Excludes quality improvements that do not increase price or quantity sold.
c. Excludes the value of leisure time.
d. Counts harmful and dangerous output the same as useful output.
e. Excludes international transactions.
.E
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Downward wage rigidity:
A) leads to frictionless labor markets. B) causes the wage to be above the market clearing wage. C) helps lower unemployment. D) is common only in industries with strong labor unions.
Using the above figure, which of the following is CORRECT?
A) 1 guilder will sell for $2. B) 1 dollar will sell for 1/2 guilder. C) A shortage of guilders exists at an exchange rate above $0.60. D) A surplus of guilders exists at an exchange rate above $0.60.
A price searcher confronts a downward sloping demand curve because
a. products in the market are differentiated. b. there is no close competitor in the market. c. the market is essentially monopolized. d. the firm gains nothing if it lowers its price.
Import substitution industrialization in Latin America
A) relied on increased exports. B) provided subsidies for exports. C) shifted the bulk of exports away from primary commodities. D) created disincentives to export.