A statistical discrepancy
a. exists because data sources are not perfect, so measures of expenditures and income are not equal.
b. insures that GDP will approximately equal GNP.
c. explains the close association between GDP and quality of life measures such as literacy and life expectancy.
d. explains the inadequacy of GDP in capturing the value of leisure and the value of a clean environment.
a
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A short-lived increase in oil prices caused by destruction of oil-producing and oil-refining facilities by a large hurricane will
A) shift the SRAS curve to the right. B) shift the AD curve to the right. C) shift the SRAS curve to the left. D) shift the LRAS curve to the right.
The above figure shows the market for finish carpenters in Bozeman. If there is a minimum wage set at $18, then there will be
A) unemployment of 200 workers. B) a surplus of 200 workers. C) unemployment of 400 workers. D) a surplus of 400 workers. E) no unemployment of workers and no surplus of workers.