GDP does not measure the economic well-being of a nation because:
a. some things which contribute to well-being have no price tag
b. GDP places no value on leisure
c. ecological costs are not netted out of GDP
d. All of the above are correct.
d
Economics
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In the above figure, the opportunity cost of moving from producing 75 guitars and 25 ukuleles to producing 50 guitars and 50 ukuleles is
A) 25 ukuleles. B) 50 guitars. C) 100 guitars. D) 25 guitars.
Economics
Refer to the above figure for the market of Cheerios. Which diagram depicts the effect of an increase in the price of Cheerios?
A) A B) B C) neither graph D) both graphs
Economics