Real GDP does not show the state of economic welfare in a country in part because GDP omits
I. household production.
II. leisure time available.
III. the quality of the environment.
A) I only
B) I and III
C) II and III
D) I, II and III
D
Economics
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The cyclically adjusted budget is calculated at potential GDP
Indicate whether the statement is true or false
Economics
Microeconomics is the study of
a. marginal or inferior products b. the economic behavior of individual decision makers c. the behavior of the economy as a whole d. how to use the fewest natural resources to produce goods and services e. government's role as a producer in the economy
Economics