Suppose the government eliminates all environmental regulations and, as a result, the production of goods and services increases, but there is considerably more pollution. Based on this scenario, which of the following statements is correct?
a. GDP would definitely increase, despite the fact that GDP includes environmental quality.
b. GDP would definitely decrease because GDP includes environmental quality.
c. GDP would definitely increase because GDP excludes environmental quality.
d. GDP could either increase or decrease because GDP excludes environmental quality.
c
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If the growth rate for GDP was 5 percent and GDP in year 1 was 140, then GDP in year 2 would be
A) 133.3. B) 135. C) 145. D) 147.
In the economic way of thinking,
A) buyers compete against other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers. B) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers compete with sellers. C) buyers compete against other buyers, sellers compete against other sellers, and buyers cooperate with sellers. D) buyers cooperate with other buyers, sellers cooperate with other sellers, and buyers cooperate with sellers.