Economics 2150A/B Study Guide - Final Guide: Factor Cost, Pareto Efficiency, Gdp Deflator

• School: Western University
• Department: Economics
• Course: Economics 2150A/B
• Professor: Leigh Mac Donald

Document Summary

Version 222 #8, version 333 #3, version 444 #23, version 555 #20. The only item that is included in the calculation of gdp is the amount paid to workers of. The others are just transfers of cash between the government and individuals. They do not reflect production activity so they are not included. Version 222 # 12, version 333 #7, version 444 #3, version 555 #24. Technically the correct answer is d , which looks at the conditions for pareto optimality. Since in most situations (however, not all) competitive equilibrae also are pareto optimal, then e would be correct. Version 222 #17, version 333 #12, version 444 #8, version 555 #4. Growth rate = (1200 1500) / 1500 x 100. Version 222 #24, version 333 #19, version 444 #15, version 555 #11. Version 222 #1-4, version 333 #4-7, version 444 #3-6, version 555 #11-14.