Economic systems should only be judged on efficiency.
Answer the following statement true (T) or false (F)
False
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Which of the following is the BEST example of a private good?
A) a can of Mountain Dew B) fish in the ocean C) cable television D) national defense
GDP per capita is one way to measure an economy's growth. China and India began to progress when they allowed private ownership, around ____. Since then, there has been steady, strong growth in these economies
a. 1960 b. 1970 c. 1980 d. 1990 e. 2000
If a woman marries her housekeeper, GDP would remain constant
a. True b. False Indicate whether the statement is true or false
As long as firms currently in a monopolistically competitive market are earning profits:
A. more firms will enter the market with products that are close substitutes. B. the firm will lower its price to keep out competitors. C. the government will step in to regulate prices to ensure they stay competitive. D. more firms will leave the market before the profits are competed away.