Which of the following statements regarding GDP is correct?
a. GDP includes factory production, but not any harm that may be inflicted on the environment.
b. GDP accounts for all activities taking place outside markets.
c. GDP provides detailed information about the distribution of income.
d. GDP is a good measure of economic well-being for all purposes.
a
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Refer to Scenario 1 . Assume this economy could either be at Point B or Point C. From which of these points is it more costly to produce more crabs? Explain your answer
What will be an ideal response?
If a person’s income rises and they do not increase their consumption, we can conclude that
a. the good is not inferior. b. their income elasticity of demand is zero. c. the good is not normal. d. no conclusions can be made without knowing the person’s initial income and consumption levels.