The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________.  

Growth in GDP systematically understates the growth in national well being because

a. ecological costs are netted out of GDP. b. "bads" as well as "goods" get included in GDP. c. investment is not included in GDP. d. as a country gets richer, leisure time increases.

How are the fundamental economic decisions determined in Canada?

A) Individuals, firms, and the government interact in a market to make these economic decisions. B) These decisions are made by the country's elders who have had much experience in answering these questions. C) The government decides because Canada is a centrally planned economy. D) The United Nations decides because Canada is a developing economy.