Why is GDP only an imperfect valid measure of the value of output produced by an economy?
What will be an ideal response?
GDP will miss transactions that do not take place in organized markets, does not include leisure time, and ignores the underground economy. In addition, GDP does not value changes in the environment that arise through the production of output.
Economics
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Long-run equilibrium is characterized by zero profits in
A) monopolistic competition only. B) perfect competition only. C) both perfect competition and monopolistic competition. D) market structures in which there are barriers to entry.
Economics
Because people are more willing to trade away goods that they have in abundance and less willing to trade away goods of which they have little, indifference curves are ___________
Fill in the blank(s) with correct word
Economics