In a free market there are virtually no restrictions, or at best few restrictions on how factors of production can be employed
Indicate whether the statement is true or false
TRUE
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In 2013, the reference base period for the CPI for the nation of Webot, a typical consumer spent $30 on potatoes and $150 on steak
If the price of steak is $15 and the price of potatoes is $1 then there are ________ units of steak and ________ units of potatoes in the CPI market basket. A) 10; 30 B) 150; 30 C) 5; 30 D) 30; 150 E) None of the above answers is correct.
On average, in the recessions since 1950, it has taken ________ for real GDP to return to its cyclical peak
A) about 6 months B) about 1 year C) about 18 months D) almost 2.5 years
Which of the following best defines positive externalities?
a. Beneficial spillovers to a third party b. Monetary benefits to stakeholders c. Dollar values of societal benefits d. Rates of return for innovators
An investment should be undertaken if the present value of an expected stream of earnings from the investment exceeds the cost of the investment necessary to undertake it.
Answer the following statement true (T) or false (F)