The measure of GDP which effectively updates the prices for the base year each year and reduces the errors from changes in relative prices and the introduction of new goods and services is called the

GDP can be measured in terms of expenditures but not income, since income is subject to taxation

a. True b. False Indicate whether the statement is true or false

The phrase "smart for one, but dumb for all" refers to the idea that the individual pursuit of self-interest:

A. never leads to an efficient outcome. B. doesn't always lead to an efficient outcome. C. always leads to an efficient outcome. D. only leads to an efficient outcome when everyone is well-informed.