An economic system that relies on habit, custom, or ritual to decide questions of consumption and production of goods and services
a. free enterprise
b. traditional economy
c. incentive
d. safety net
e. socialism
Ans: b. traditional economy
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If population grows faster than GDP, then per capita GDP must fall
a. True b. False Indicate whether the statement is true or false
The GDP can overstate the economy because ___________.
a. it excludes self-production, increased leisure time, and improved health. b. it includes self-production, increased leisure time, and improved health. c. it excludes harm caused by pollution, crime, and income inequality. d. it includes harm caused by pollution, crime, and income inequality.
There are only increases in total surplus when a country exports a good, since more units of the country's output of that good are produced
a. True b. False Indicate whether the statement is true or false
Most U.S. firms face:
A. no competition at all. B. some degree of competition. C. perfect competition. D. market power resting in a few large firms in every industry.