Which of the following is a critique of GDP discussed in the text?
Select one:
a. GDP does not account for resource depletion.
b. GDP does not account for well-being.
c. GDP does not include household production.
d. All of the answers listed.
d. All of the answers listed.
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The total output produced with any quantity of labor is equal to the sum of the
A) marginal products of each of the workers hired. B) average products of each of the workers hired. C) total wages the firm pays its workers. D) Both answers A and B are correct.
A central bank may be reluctant to see its currency appreciate because
A) rising prices of imports will contribute to inflation. B) falling prices of exports will contribute to inflation. C) the country's goods may become uncompetitive in world markets. D) the country's monetary base will increase.