The OECD's Better Life Index

question 203

Multiple Choice

The OECD's Better Life Index

• A)gives a very similar ranking of countries as GDP per capita.
• B)shows that wealthy countries typically have a much lower quality of life than middle income countries.
• C)shows that there is no relationship between quality of life and GDP per capita.
• D)can be expected to completely replace GDP as a measure used by economists in the next few years.
• E)shows that GDP is a highly inaccurate measure of well being.

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Definitions:

Third-Degree Price Discrimination

A pricing strategy where different groups of consumers are charged different prices based on attributes like age, location, or income, aiming to maximize profits by exploiting varying demand elasticities.

Inelastic Demand Functions

Demand functions that represent situations where the quantity demanded of a good or service changes very little in response to changes in its price.

Monopolist

An individual or entity that is the sole provider of a particular product or service in a market, enabling control over prices.

Profits

The financial gain obtained when the revenues generated from business activities exceed the expenses, costs, and taxes involved in sustaining the activity.