Question

23. Choose the best answer. Real GDP tends to overstate our economic well-being by including a. payments for cleaning up the environment. b. estimates of the constant-dollar values of illegal products, C. expenditures on crime prevention, payments for cleaning up the environment, and repairs to structures destroyed by storms. d. the value of households' leisure time. 24. In macroeconomics, the long run differs from the short run in that in that a. in the short run, the aggregate supply curve is a vertical line. b. in the short run, all nominal prices and wages can change freely, while in the long run some nominal prices and wages are foxed. c. in the long run, the aggregate supply curve is upward sloping (has a positive slope) d. in the long run, all nominal prices and wages can change freely, while in the short run some nominal prices and wages are forced 25. The table below gives information on the output and prices of lemonade and cookies in 2013 and 2014 The table has four rows depicting the 2013 Output 2013 Prices, 2014 Output, and 2014 Prices. The table has two rows that represent Lemonade and Cookies The data presented in the table, from top to bottom is as follows. Lemonade, 200 glasses, 1 dollar per glass 220 glasses, 1 dollar per glass. Cookies, 100 cookies, 2 dollars per cookie, 100 cookies, 2.25 dollars per cookie. Assuming that this economy produces only lemonade and cookies, if 2014 is the base year, real GDP in 2013 was a $400 b. $420 c. $445 d. $425 26. This question requires you to go to the website of the U.S. Bureau of Economics analysis, www.bea.com. Click on Data at the top of the page. According to Table 3 on Gross Domestic Product, the American real GDP at the end of the fourth quarter of 2017 was _billion, while real GDP at the end of the first quarter of 2018 was billion, giving an annualized growth rate of (To annualize the growth rate, multiply the quarterly growth rate by 4.) a. $15,335.0: $15,300.0 -0.91% b. $100,000.0: $100,000.0, 0.0% c. $200.0: $205.0: 10.0% d. $18.223.8: $18,324.022%

Answer 1

23)

By including the expenditures on crime prevention, payments for cleaning up the environment, and repairs to structures destroyed by storms the real GDP tends to overstate our economic well-being. Thus the correct option is:

expenditures on crime prevention, payments for cleaning up the environment, and repairs to structures destroyed by storms

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