List some of the reasons why GDP should not be considered an effective measure of the standard of living in a country.
What will be an ideal response?
Answer:
- Regional variations in income and spending
- Inequalities in income and wealth
- Changes in life expectancy
- Innovation and the development of new products
Economics
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Suppose eating soybeans leads to less cancer and heart disease. What effect would people eating more soybeans likely have on feed corn (a product also grown on land used to grow soybeans)?
A) The supply of feed corn will decrease. B) The cost of producing feed corn will increase. C) The price of feed corn will increase. D) All of the above.
Economics
In the above figure, CBL is the cost of breaking the law. If it is illegal to sell, but not illegal to buy, then the price per unit will be
A) $500. B) $400. C) $300. D) $200.
Economics