Pollution problems generally represent
A) cases of good versus evil.
B) cases of villain versus victim.
C) morally neutral disagreements over competing uses of a scarce resource.
D) Both a and b are correct.
C
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If you wanted to measure whether the output of an economy was increasing or decreasing across time periods, you would use the real GDP data rather than the nominal GDP data because
a. exports are excluded from real GDP but not nominal. b. real GDP incorporates the impact of federal budget deficits and surpluses; nominal GDP does not. c. real GDP reflects the impact of transfer payments on the economy, but nominal GDP does not. d. real GDP adjusts for changes in the general level of prices, but nominal GDP does not.
Which of the following is false?
A) Economists who believe that the AS curve is vertical assert that changes in Real GDP originate only on the supply side of the economy. B) Economists who believe that the AS curve is upward-sloping assert that changes in Real GDP originate only on the supply side of the economy. C) For economists who believe that the AS curve is upward-sloping, government policy that aims to impact either side of the economy (supply or demand) will change both prices and Real GDP. D) Compared to the economists who believe that the AS curve is upward-sloping, the economists who believe that the AS curve is upward-sloping assert that the government has fewer tools with which to change Real GDP.