Which of the following correctly describes a final good?
i. A final good is bought by its final consumer.
ii. A final good can be used by a firm as a component of another good or service.
iii. Investment goods cannot be a final good.
A) i only
B) i and ii
C) i, ii and iii
D) i and iii
E) ii and iii
A
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Political creative destruction:
A) is likely to hamper the ruling government in an economy with inclusive institutions. B) leads to losses of all economic agents. C) leads to the benefit of all economic agents. D) is likely to adversely affect the ruling government in an economy with extractive institutions.
Which of the following statements is true?
A) Positive economics deals with issues that are subjective. B) Normative statements depend on personal preferences. C) Positive economics recommends what people ought to do. D) Normative economic statements can be confirmed or disproven.