Answer the following statements true (T) or false (F)
1. Property rights give the government the right to own, use, and dispose of resources in an economy.
2. Selfishness and self-interest are identical concepts.
3. An important aspect of the market system is that producers and consumers always have to consider the public interest in making production and consumption decisions.
4. If people tried to produce as much of what they need on their own, then this would lead to a more efficient use of the economy's resources.
1. FALSE
2. FALSE
3. FALSE
4. FALSE
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According to this Application, cell phones were introduced to the public in 1983, but it took the Bureau of Labor Statistics ________ to include them in calculating the CPI
A) 3 years B) 7 years C) 15 years D) 24 years
Which of the following is an advantage of fixing exchange rates?
A) limiting foreign exchange risk B) making residents more mobile across countries C) eliminating trade deficits D) making the prices of foreign goods more flexible in the domestic market