Related to the Economics in Practice on p. 437: If the effects of pollution on society as a measure of welfare were included in GDP calculations, the measured level of GDP would most likely
A. decrease.
B. become negative.
C. increase.
D. not change.
Answer: A
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A) demand curve will be upward sloping. B) income effect reinforces the substitution effect. C) income elasticity is negative. D) Engel curve cannot be drawn.
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