The statement "Cutting government spending is the best way to boost consumer confidence" is an example of normative economics
a. True
b. False
Indicate whether the statement is true or false
True
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The free-rider problem may arise in case of ________
A) public goods B) private goods C) club goods D) inferior goods
Explain the business cycle by describing the phases and turning points
What will be an ideal response?
Common property
a. is owned by specific people. b. is inexhaustible. c. refers strictly to land resource. d. refers to goods "owned" by society at large and freely usable by anyone.
Which of the following restrictions implies that investment exceeds private saving for a closed economy?
a. The economy has no government. b. The economy's government is running a budget deficit. c. The economy's government is running a budget surplus. d. No restriction is necessary; investment and private saving are equal for all closed economies.