In a market economy, which of the following is most important if one is going to achieve high earnings?
a. performing an important social function, like teaching.
b. willingness to do hard physical work.
c. having a membership in a labor union.
d. providing goods and/or services that others value highly
d. providing goods and/or services that others value highly
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Because information and the time required to acquire and digest it are scarce,
a. consumers concentrate on private choices rather than on public choices b. consumers concentrate on public choices rather than on private choices c. it is irrational for consumers to remain ignorant of the costs and benefits of government proposals d. consumers have greater incentive to gather and act upon information about public choices than to gather and act upon information about their private choices e. an individual voter has more incentive to examine the performance records of candidates for public office
A price index is a measure of the average level of prices in an economy
a. True b. False Indicate whether the statement is true or false