What are the four main limitations of GDP accuracy?
(D) Depreciation, price level, distortion, and underground economy.
(B) Nonmarket activities, underground economy, negative externalities, and quality of life.
(C) Durable good, nondurable good, black market, and negative externalities.
(D) Trough, peak, recession, and depression.
Ans: (B) Nonmarket activities, underground economy, negative externalities, and quality of life.
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Suppose that when income rises, the demand curve for doctor's visits shifts to the right. In this case, we know doctor's visits are
a. inferior goods. b. normal goods. c. perfectly competitive goods. d. durable goods.
Arrow's impossibility theorem tells us:
A. political pressures will always corrupt a voting system, making none ideal. B. no voting system can aggregate the preferences of voters of three or more options while meeting all of the criteria for an ideal system. C. most voting systems meet the criteria for an ideal system, yet politicians cannot seem to change the way in which elections are held. D. no voting system can ever attain all four criteria for an ideal voting system.