GDP would be a better measure of economic well-being if it included:
A. the value of leisure.
B. the market value of final goods.
C. the total value of intermediate goods.
D. the costs of education.
Answer: A
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If the exchange rate changes from 1 euro per U.S. dollar to 1.2 euros per U.S. dollar, the Euro has
a. appreciated, since its value has increased. b. appreciated, since the price of U.S. dollars has increased. c. appreciated, making U.S. goods cheaper in Euros. d. depreciated, since its value has declined. e. depreciated, since its value has increased.
"I believe that consumer sovereignty is a good thing." This person believes that:
A. people are often manipulated by advertisers. B. businesses should produce what people want. C. people often have self-control problems. D. businesses should produce for people's needs, not for profits.
Disinflation took place in all of these periods except
A. the early 1950s. B. the mid-1970s. C. the early 1980s. D. the late 1980s.
To maximize profits, the firm in Figure 10.3 will produce:
A. Q1. B. Q2. C. Q3. D. Q4.