Which of the following is a benefit of the price system?
A. the existence of positive externalities
B. Consumers have what they want since politicians and business managers decide what is to be produced.
C. the freedom of consumers to decide what they want to purchase
D. the production of public goods
Answer: C
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Indicate whether the statement is true or false
What is meant by fixed cost? What kinds of things might be included in fixed cost?
What will be an ideal response?
Which of the following services have experienced declines in relative prices due to productivity increases?
A. Medical services B. Restaurant meals C. Theatrical performances D. Internet access services
During the U.S. recession of 1980-1982, the unemployment rate reached a high of ________ percent.
A. 7.6 B. 8.8 C. 10.7 D. 22.4