Is gross domestic product an accurate measure of the standard of living? Why or why not?
Answer to relevant QuestionsWhat is the free-rider problem? Why does it exist? What are examples of free riders? How does pollution distort resource allocation in the economy? Consider both over- and under-allocation of resources. Describe the effect on gross domestic product, employment, and inflation of each of the following: (a) war, (b) elimination of environmental regulations, and (c) cuts in welfare benefits. Consider other proposals to replace the federal income tax structure with a flat rate tax structure or to replace the income tax with a national sales tax. How would these actions affect income distribution? Do you agree ...Consider the U.S. supply-side policies under President Ronald Reagan and President George W. Bush(as discussed in Appendix 15-2), such as cuts in taxes, transfers, and regulations. Do you expect these types of policies to ...
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