Under the U.S. market system, land and capital goods are owned mainly by
a. the federal government.
b. individuals and firms.
c. local governments.
d. state governments.
b. individuals and firms.
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If the equilibrium price of a good decreases and the equilibrium quantity of the good decreases, we can conclude that
A) demand decreased. B) supply increased. C) demand increased. D) supply decreased.
On a graph for the Gini Coefficient, the Gini Coefficient is calculated by ______.
a. multiplying area A by area B b. dividing area A by area B c. multiplying area A by area A + B d. dividing area A by area A + B
Moral hazard is the idea that when people are insured against the consequences of a risk, they will engage in risker behavior.
Answer the following statement true (T) or false (F)
Which combination of fiscal policy actions would most likely be offsetting?
A. Increase in taxes and government spending B. Increase in taxes but no change in government spending C. Decrease in taxes and increase in government spending D. Decrease in taxes but no change in government spending