A major feature of a market system is that:
A. there is full employment.
B. there is consumer sovereignty.
C. all producers make profits.
D. there is economic equality.
Answer: B
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Economics is often described as a science of constrained choice. How do you justify this argument?
What will be an ideal response?
The Roomba 570 is a robotic vacuum cleaner made and sold by iRobot. It can vacuum 4 rooms on a single battery charge and it costs $2 worth of electricity to charge the Roomba
Lynn is a house cleaner and can vacuum 4 rooms in 1 hour with a traditional vacuum. Suppose you want the 4 rooms in your house vacuumed once a week for one year. Ignoring the cost of any electricity Lynn uses, which method is economically efficient if Lynn charges $20 per hour? $30 per hour? A) Roomba if Lynn charges $20 per hour and Lynn if she charges $30 per hour B) Lynn if she charges $20 or $30 per hour C) Roomba if Lynn charges $20 or $30 per hour D) Lynn if she charges $20 per hour and Roomba if Lynn charges $30 per hour
The Consumer Price Index (CPI) is a weighted average of all the prices paid by households for goods and services
a. True b. False
Researchers have found that the systematic mistakes that people make in their decision making include a lack of confidence in their own abilities
a. True b. False Indicate whether the statement is true or false