Is GDP an accurate measure of a country's well being?
a. Yes, it is the best measure of national well being.
b. Yes, provided we use real GDP and not nominal GDP.
c. The answer is uncertain, depending on whether GDP is rising or falling.
d. No, it is not.
d
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Which of the following shifts the AVC curve upward at Barney's Bagel Bakery?
A) an increase in the hourly wage that Barney pays his workers B) a decrease in the hourly wage that Barney pays his workers C) an increase in the fixed amount of liability insurance premiums that Barney pays for his business D) Both answers A and C are correct.
According to the economic theory of labor markets, if unions are successful in raising wages, with no accompanying increase in labor productivity, then which of the following is true?
A. The quantity of labor demanded by profit-maximizing firms will decline. B. The quantity of labor demanded by profit-maximizing firms will increase. C. The quantity of labor supplied by workers will decline. D. There will be a shortage of labor in the unionized labor market.