Real GDP is not a perfect indicator of economic welfare because ________.
A) it includes a direct measure of health and life expectancy
B) it underestimates inflation
C) it includes the underground economy
D) economic welfare depends on many factors not measured or not measured accurately by real GDP
Correct Answer:
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Q7: Gross domestic product (GDP) measures the
A) number
Q10: Which of the following expenditures is for
Q11: Consumption expenditure is the payment by households
Q12: The business cycle is the
A)irregular fluctuations of
Q13: Suppose XYZ Ltd. buys a new copier
Q14: A trough is the
A)upper turning point of
Q16: Gross domestic product
A)measures the value of labour
Q17: In the circular flow of economic activity,
A)aggregate
Q18: Government expenditures included in the expenditure approach
Q19: _ gross domestic product is the value
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