Outputsinclude goods but not services.
Answer the following statement true (T) or false (F)
False
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Gabby flips a fair coin and it shows heads. When trying to guess what the coin will show on the next flip, Gabby guesses heads because she thinks it is more likely to occur than tails since the coin showed heads on the last flip. Gabby suffers from the:
A. gambler's fallacy. B. gambler's myth. C. hot-hand fallacy. D. hot potato fallacy.
Monopolistic competition is a market structure characterized by many small firms selling a homogeneous product.
Answer the following statement true (T) or false (F)
Air, an open-access resource, cannot be apportioned into individual private property rights because no individual can easily access the resource and then easily allow designated individuals to use the resource
Indicate whether the statement is true or false
Which of the following best defines national income?
a) income received by households less personal taxes b) the before-tax income received by households c) incomes earned by U.S. resource suppliers plus taxes on production and imports d) the market value of the annual output net of consumption of fixed capital