In a free market system
A. there is no government involvement in the economy.
B. resources are allocated on a first-come first-served basis.
C. buyers and sellers make all of the economic decisions.
D. government mostly allows markets to operate with little intervention or regulation.
D. government mostly allows markets to operate with little intervention or regulation.
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Which of the following is NOT considered an example of a capital good?
A) a miner's cap B) a GPS tracking device C) an airport kiosk D) a U.S. government bond E) a stethoscope
Harvey Miller owns a baseball that was hit for a home run by Ted Williams
Harvey, a long-time Boston Red Sox fan, recently refused to sell his baseball for $75,000 even though he would not have paid someone more than $10,000 for the baseball if he did not already own it. Harvey explained his decision not to sell the baseball by noting that: "Ted Williams was my hero. This baseball has a great deal of sentimental value for me." Which of the following can explain Harvey's behavior? A) how social influences can affect consumption choices B) the difference between implicit and explicit costs C) the endowment effect D) the scarcity of home run baseballs hit by Ted Williams
While constructing a price index, economists give greater weight to the items on which people spend less money
a. True b. False Indicate whether the statement is true or false
It is possible for a country to have domestic investment that exceeds national saving
a. True b. False Indicate whether the statement is true or false