To better measure economic well being, GDP needs to:
a. find better ways to estimate the value of leisure
b. estimate and factor in the value of the underground economy.
c. factor in externalities.
d. do any or all of the above.
d
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Economic theory assumes people
A) rarely act generously. B) consistently act selfishly. C) make choices based on a comparison of cost and benefits. D) are fundamentally complex. Therefore, no general theory can be deduced to make sense out of the decisions and choices people make.
The basic difference between a tariff and quota is that:
a. quota can be imposed both on imports and exports whereas a tariff can be imposed only on imports. b. quota yields revenue to the government whereas tariff does not yield any revenue. c. tariff reduces the import of the goods with greater certainty than quota as the amount of import restricted by quota depends on the price elasticity of demand for importable. d. tariff is a quantitative restriction on imports whereas quota is an import duty. e. a tariff raises the price of the product only in the domestic market whereas with a quota, both domestic and foreign producers receive a higher price.
If all unwelcome or harmful activities were eliminated,
a. the benefits from eliminating these activities would exceed the cost of eliminating them b. there would be no remaining potential Pareto improvements c. society would be more efficient d. society would be less efficient e. the result would be Pareto efficient
The freely floating exchange rate system has been in effect since
A. 1933. B. 1943. C. 1953. D. 1973.