An example of a government policy to provide a framework within which the private sector can operate productively is:
A. establishing well-defined property rights.
B. government ownership of capital.
C. the suppression of political dissent.
D. the taxation of savings.
Answer: A
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Demand-pull inflation results from continually increasing the quantity of money, which leads to continually
A) decreasing potential GDP. B) increasing potential GDP. C) increasing aggregate supply. D) decreasing aggregate demand. E) increasing aggregate demand.
Why do many people choose NOT to read the manuals included with their new computer?
A) They perceive that learning by doing decreases costs faster than learning by reading. B) They perceive that learning by doing is more enjoyable than learning by reading. C) They perceive that learning by reading is not sophisticated. D) They believe that the manuals are not accurate.
When MFC < MRP, a firm in a competitive market will
A) stop hiring. B) hire more workers. C) earn fewer profits. D) layoff workers.
If the price of oil rises, producers of oil will
A. increase the quantity of oil supplied. B. supply less oil. C. cut the price. D. leave the amount of oil supplied unchanged.