External costs are
A. borne by individuals other than those who incurred them.
B. borne by the government but incurred by the public.
C. another term for implicit costs.
D. borne by the public but incurred by the government.
Answer: A
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Explain how low-skilled workers might actually be made worse off from a minimum wage law in terms of working conditions and job training. In addition, what might be the long-run impact on wages and earnings?
What will be an ideal response?
Gross domestic product (GDP) is a poor measure of social well-being because:
a. the value of leisure time is included in GDP accounting. b. the revenue earned through exports is ignored c. each dollar of government spending is valued at less than one-half of private spending. d. consumer spending is more important than business spending and should be considered more valuable. e. it values products at their market prices but ignores services produced.