If the value of in-kind transfers are taken into account, the number of families living in poverty in the United States would
a. increase by about 1 percent.
b. decrease by about 1 percent.
c. decrease by about 5 percent.
d. decrease by about 10 percent.
d
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As long as the value of additional units of output exceed the opportunity cost of that output, _____
a. it will not be produced b. it likely will not be produced c. it will be produced d. it is likely to be produced
Gross domestic product (GDP) figures tend to understate the quantity of goods and services available because: a. GDP excludes the value of goods produced at home
b. many items are counted twice or more in the intermediate stages of production. c. more women are entering the labor force. d. firms often add less to inventories than they planned to. e. exports are subtracted from GDP but imports are not added.