Which is a primary use for national income accounting?
A. To determine whether there is a fair and equitable distribution of income in the economy.
B. To assess the economic efficiency of specific industries in the economy.
C. To measure changes in the value of goods and services produced in the economy.
D. To analyze the environmental cost of economic growth.
Answer: C
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In an economy, out of 221.6 million potential workers, 180.65 million are employed. If the labor force in the economy is 200.5 million, calculate:
a. the number of unemployed workers. b. the unemployment rate. c. labor force participation rate d. number of potential workers who are not a part of the labor force.
Whenever a buyer and a seller agree to trade, both must believe they will be made better off
A) whether the buyer and seller live in the same city or different countries. B) only if the buyer and seller live in countries with market economies. C) unless one party is richer than the other. D) unless the buyer resides in a different country than the seller. International trade may make the buyer or seller worse off.