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15. 16. 17. 18. 19. 20. 21. 22. ZOOM Economics or, political economy is a discipline of contested social scientific inquiry. [ True I False ] Macroeconomic analysis generally focuses on factors determining aggregate movements in output (GDP), employment (N), and the price level (inflation). [ True I False ] A market failure is when markets fail to produce socially optimal outcomes. [ True I False ] Gross Domestic Product (GDP) is the most referred to and reliable economic indicator in large part because it explicitly includes non-market activities, quality of life metrics, working conditions, domestic care work and environmental conditions. [ True I False ] The equality-efficiency tradeoff is an empirical fact that decrease in economic efficiency must accompany an increase in income equality. [ True False ] The Kuznets curve holds that as a country develops economically, inequality first increases and then decreases. [ True I False ] Higher rates of inequality and poverty generally associated with the countries that are most devoted to laissez-faire market capitalism. [ True I False ] Empirically, the US median household income has risen together with average labor productivity, indicating that people's income is being fairly determined by their productivity in the U.S. [ True I False ] 3