Briefly explain why gross domestic product is not a welfare measure
What will be an ideal response?
Gross domestic product measures production of goods and services. It is neither a measure of welfare nor a measure of material well-being. GDP does not give any weight to leisure and it also fails to subtract some welfare costs of production.
Economics
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Which factors will cause the consumption function to shift? Which factors do not cause the function to shift?
Economics
Total surplus in a market does not change when the government imposes a tax on that market because the loss of consumer surplus and producer surplus is equal to the gain of government revenue
a. True b. False Indicate whether the statement is true or false
Economics