A country is likely to be better off in the long run if it pursues self sufficiency
Indicate whether the statement is true or false
FALSE
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Which is the more efficient use of one's tight budget: going to a first-run movie at $7.50 or waiting for the video to be available through Netflix?
A) Going to the first-run movie B) Waiting for the video C) Doing neither, especially if one's budget is tight. D) It depends on the chooser's own evaluations of costs and benefits.
Consumer surplus is the value of a good minus the cost of producing it, summed over the quantity bought
Indicate whether the statement is true or false
The biggest advantage of capitalism is that
a. It generates wealth with the help of government intervention b. Prices hinder in moving assets from high-value to low-value uses c. It forces involuntary exchanges d. It creates wealth by letting a person follow his or her own self-interest
The effect of _____ is to produce an unemployment rate that understates actual unemployment
a. the underground economy b. discouraged workers and underemployment c. the growth in real GDP d. institutionalized and retired labor force e. seasonally unemployed workers