Which of the following is a problem with using real GDP as a measure of economic well-being?
a. It does not account for inflation
b. It does not account for production within the household.
c. It does not account for production by foreign firms producing inside the U.S.
d. all of the above
b
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The demand for a good or service is called a derived demand because it is derived from the demand for the factors of production that produce this good or service
Indicate whether the statement is true or false
Which of the following goods is most likely to have a negative income elasticity of demand?
a. Automobiles b. Bargain brand noodles c. Shoes d. Fine Jewelry
One significant reason for the declining membership in unions in the U.S. is
a. more workers are entering the teaching field b. increasing employment in the industrial sector c. the structural shift of the economy toward services d. increasing cultural diversity in the workforce e. a decrease in the number of public sector employees
The averaging equation of elasticity solves the problem of
a. whether price or quantity is in the numerator b. which price or quantity to use as a base for calculating percentage changes c. whether to use quantity supplied or demanded d. removing the negative sign e. whether to use income or price in the denominator