Each of the following is an element of private enterprise, EXCEPT which one?
a. Government regulations
b. Private property rights
c. Competition
d. Profits
Answer: a. Government regulations
You might also like to view...
Based on the figure below. An economy in short-run equilibrium at point A has a(n) ________ gap. The gap could be eliminated by the self-correcting mechanism of the economy and eventually achieve long-run equilibrium at point ________ or the central bank could intervene with monetary easing establishing the long-run equilibrium at point ________. 
A. recessionary; B; C B. expansionary; B; C C. expansionary; C; B D. recessionary; C; B
Compared to a similar perfectly competitive industry, a single-price monopoly
A) creates a deadweight loss and decreases economic profit. B) produces more output. C) creates a deadweight loss and decreases consumer surplus. D) is more efficient because there is no wasteful competition. E) sets a lower price because there is less competition.
A minimum wage set above the equilibrium wage rate for low-skilled workers ________
A) creates more employment opportunities for low-skilled workers B) creates more prosperity among younger people C) creates unemployment among low-skilled workers D) increases the number of good paying jobs available to young people
How do rational behavior and self-interest relate?
a. Self-interest rarely motivates people to use rational behavior to make decisions. b. Self-interest is rational when it is selfless, but not selfish. c. Self-interest usually motivates people to use rational behavior to make decisions. d. Self-interest is rational when it is selfish, but not when it is selfless.