__________ ownership of capital gives capitalism its name.
Fill in blank(s) with correct word
Answer: Private
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The above table shows the total product schedule for the campus book store. When the book store is selling 60 books per hour it is certain that
A) marginal costs are increasing, but average variable costs are still decreasing. B) both marginal and average costs are decreasing. C) both marginal and average costs are increasing. D) hiring one more employee per hour will lead to fewer books being sold.
What is the main reason the Fed operates in a political arena?
A) It lacks a constitutional mandate. B) The members of the Board of Governors must run for reelection every fourteen years. C) The members of the Board of Governors are typically prominent politicians. D) It is under the direct control of Congress.
The high-income nations of the world—including the United States, Canada, the Western European countries, and Japan—typically have GDP per capita in the range of _____________.
a. $6,000 to $12,000 b. $20,000 to $50,000 d. $60,000 to $80,000 d. $80,000 to $120,000
Which of the following best explains why many US economists support free international trade?
(a) Workers who lose their jobs can collect unemployment compensation (b) It is more important to reduce world inflation than to reduce US unemployment (c) Workers are not affected; only businesses suffer (d) The long-run gains to consumers and some producers exceed the losses to other producers (e) Government can protect US industries while encouraging free trade