Which of the following is a problem associated with gross domestic product (GDP) as a measure of social welfare?
a. It includes many nonmarket activities.
b. It takes into account the value of only those goods which are widely used.
c. It takes into account the cost of environmental damage caused by pollution.
d. It includes intermediate goods as a separate entry.
e. It excludes the value of leisure time.
Question 2
Compared to a competitive input market, a monopsonist will hire:
a. more and pay a higher input price.
b. less but pay a higher input price.
c. more but pay a lower input price.
d. less and pay a lower input price.
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