Real GDP per person is not an accurate measure of the standard of living because it ______
A. includes the goods and services that governments buy
B. omits the goods and services that people produce for themselves
C. includes goods and services bought by firms
D. omits the goods and services imported from other countries
B In less developed nations, GDP is a poor measure of the stan-dard of living because much of a person's consumption is produced by the person themself.
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Who is "selling short"?
A) The grocer who sells a pound of apples today at a slashed price of 75 cents a peck B) The airline requiring you to pay for your ticket two weeks in advance of the flight C) The church that provides a free Thanksgiving dinner to the poor D) All of the above.
Knowledge capital is nonrival in the sense that
A) firms do not compete to be the first to develop new technologies. B) two people can use the same knowledge to develop and produce a product. C) no single company can be excluded from the benefits of new technologies. D) firms can benefit from the research and development of rival firms without paying for that benefit.