Why is GDP not a good measure of aggregate welfare?
A. GDP includes the value of intermediate goods
B. trade between countries is not included in GDP
C. GDP does not include the value of production done in the home
D. the government calculates GDP
Answer: C. GDP does not include the value of production done in the home
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Use the following table to answer this question, which provides information on the production of a product that requires one variable input.InputTotal Product00102002060030720408205090060980The average product of the 30th input item is
A. 200. B. 120. C. 24. D. 12.
The practice of borrowing short and lending long
A) pools risk. B) minimizes the cost of monitoring borrowers. C) creates liquidity. D) All of the above answers are correct.
Compared to perfect competition, a monopolistically competitive market will produce ________ output and charge a ________ price
A) more; higher B) more; lower C) less; higher D) less; lower
Which of the following is true?
What will be an ideal response?