The shifting or returning of government economic functions or services to the private sector of the economy is known as
a. laissez-faire.
b. privatization.
c. deregulation.
d. downsizing.
b. privatization.
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Positive externalities and high transaction costs make voluntary social cooperation difficult because they
A) are also obstacles to the effective working of democratically controlled governments. B) can be eliminated by government. C) can best be reduced by abandoning persuasion and voluntary cooperation. D) make government intervention necessary. E) make it easier for cartels to operate effectively.
Both the trade and budget balance were in roughly zero until the 1980s when the budget deficit increased dramatically and the U.S. trade deficit increased dramatically
However, during the late 1990s the budget deficit shrank—in fact, moving to surplus—at the same time that the U.S. trade deficit increased significantly. Since 2000, the budget deficit has increased significantly, particularly after 2008.What is the relationship between a country's trade balance and its stance as a borrower or lender? Historically, has the U.S. been a net lender or net borrower? Why do you think that this is? Do you think that the U.S. budget situation might have anything to do with this?
Which of the following statements is true with respect to a tariff on imported cheese?
a. It lowers the price of cheese. b. It lowers domestic cheese producers' profits. c. It creates tax revenues for the government. d. It cannot result in retaliation. e. It increases the amount of foreign cheese sold.
The GDP is the value of all final goods and services produced
A. by domestically controlled companies.
B. by domestically owned companies.
C. by citizens of the country.
D. within a nation's boundaries.