The big-push strategy of development relies mainly on private incentives and a laissez- faire government policy
Indicate whether the statement is true or false
F
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A factor of production with unique attributes is able to command a scarcity rent determined by market demand
Indicate whether the statement is true or false
During a recession:
a. Government spending automatically rises and taxes automatically rise. b. Government spending automatically falls and taxes automatically rise. c. Government spending and taxes automatically fall. d. Government spending and taxes do not tend to change. e. Government spending rises automatically and taxes fall automatically.
Suppose the price of soccer shoes decreases by 7 percent and as a result, there is a 12 percent rise in the quantity of shin guards demanded. The value of the cross-price elasticity of demand is
A. 0.58. B. -0.58. C. 1.71. D. -1.71
Suppose people on diets buy the bulk of the ground chicken and ground turkey sold in the U.S., and they use either interchangeably, as a substitute in recipes for ground beef. If the price of ground turkey rises and the price of ground chicken does not, then CPI will
A. overstate inflation because of the issue of substitution. B. understate inflation because of the issue of substitution. C. overstating inflation because of the issue of missing "where people shop." D. understating inflation because of the issue of missing "where people shop."