Positive statements are:
A) microeconomic in nature.
B) macroeconomic in nature.
C) statements involving value judgments.
D) statements that can be tested.
Ans: D) statements that can be tested.
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Which of the following is NOT a reason that real GDP is a poor measure of a nation's economic welfare?
A) Real GDP omits measures of political freedom. B) Real GDP does not take into account the value of people's leisure time. C) Real GDP does not include the underground economy. D) Real GDP overvalues household production.
Changes in the growth rate of real GDP per capita do not reflect which of the following?
a. changes in the total production of final goods in the economy b. changes in the production of final services in the economy c. changes in the distribution of income d. changes in the size of the population