Which of the following is not a reason to be cautious about using GDP as an indicator of development?
a. Developing countries may not have many statisticians.
b. GDP includes the value of harmful products.
c. Many goods and services are exchanged for others and are not recorded as having a specific value.
d. Traditional methods of comparing countries' GDP data have numerous statistical weaknesses.
e. All of the above are reasons for caution.
E
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If the elasticity of demand for cigarettes is 0.4, then an increase in the price of a pack of cigarettes from $1.00 to $1.30 would reduce quantities demanded by about
a. 27 percent. b. 40 percent. c. 12 percent. d. 95 percent.
Consider a consumer who is searching for the lowest price for good X. The consumer knows that 75 percent of the time she will find a store charging $10 and 25 percent of the times she will find a store charging $7. The expected benefit from an additional search is:
A. $0. B. $2.25. C. $3. D. $0.75.