Over the last few decades, Americans have chosen to cook less at home and eat more at restaurants. This change in behavior, by itself, has
a. reduced measured GDP.
b. not affected measured GDP.
c. increased measured GDP only to the extent that the value of the restaurant meals exceeded the value of meals previously cooked at home.
d. increased measured GDP by the full value of the restaurant meals.
D
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The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
A resource is said to have a comparative advantage if:
A. its suitability to the production of one good changes as it produces more of that good. B. it is better suited to the production of one good than to the production of an alternative good. C. it is equally suited to the production of all goods. D. its suitability to the production of one good does not change as it produces more of that good.