Define a traditional economy and name nation(s) that use them.
What will be an ideal response?
People rely on traditions and long-established customs to make the what, how, and for whom choices. Ex: remote, rural areas in which agricultural activity is main involvement; goods produced meet needs of communities
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The consumer price index (CPI) overstates the true inflation rate because it ignores changes in consumers' purchasing patterns as relative prices change
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a special-interest group?
A. Democratic party B. Bureau of Alcohol, Tobacco, and Firearms C. National Rifle Association D. Association of State Legislators E. all of these answer options are correct.
Figure 11-6
The profit-maximizing monopolist in Figure 11-6 will produce ____ units of output.
a.
Q1
b.
Q2
c.
Q3
d.
Q4
Assuming Cournot behavior, what happens to the market output, the price of the output, and each firm's output as the number of firms in a market increases?
What will be an ideal response?