Because pollution reduces economic welfare, on this count real GDP as measured
A) decreases as pollution increases.
B) increases to take into account the expenditures that will be made in the future to clean up the pollution.
C) overstates economic welfare.
D) understates economic welfare.
C
Economics
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A factory can be thought of as
A) a land and labor combination. B) a trade-off with land. C) physical capital. D) a type of entrepreneurship.
Economics
Average total cost is equal to
A) average fixed cost minus average variable cost. B) total cost divided by the level of output. C) marginal cost plus variable cost. D) total cost divided by the number of workers.
Economics