Although GDP is not the same as economic well-being, high levels of GDP are positively correlated with all of the following except:
A. longer life expectancies.
B. higher rates of infant mortality.
C. higher material standards of living.
D. higher rates of literacy.
Answer: B
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Redistribution through the public sector tends to lower economic prosperity because
a. it weakens the link between productive activity and the reward derived from it. b. it encourages resources to flow into wasteful rent-seeking activities. c. the higher tax rates required to finance redistribution result in resources being devoted toward tax avoidance activities. d. all of the above are true.
Currencies that are not backed by precious metals of equal value are called:
a. Repurchase agreements. b. "Trouble" – with a capital "T." c. Near money. d. Fiat money. e. Eurodollars.
If the income effect of a change in the wage dominates the substitution effect, then workers will want to work more when the wage increases.
Answer the following statement true (T) or false (F)
Individuals will usually make choices to minimize the value of some objective.
a. true b. false