A market system is characterized by the private ownership of resources and the use of markets and prices to coordinate and direct economic activity.
Answer the following statement true (T) or false (F)
True
Economics
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Refer to above Table 2-2. The chain-weighted GDP deflator for year 2 is
A) 1.313. B) 1.211. C) 1.324. D) 1.280.
Economics
If the average cost of producing a good is increasing as a firm produces more of the good, then which of the following must be TRUE?
A) AFC is falling. B) AVC is rising. C) MC > AVC. D) All of the above.
Economics