Arguments in favor of a laissez-faire policy concerning government's role in the economy include the
a. need for price controls
b. possibility of creative destruction
c. gains from trade
d. contestable nature of markets
e. lack of countervailing power among the economic blocs in the economy
D
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The tables above show the labor market and the production function schedule for the country of Pickett. An increase in population changes the labor supply by 20 billion hours at each real wage rate. Potential GDP ________
A) does not change B) decreases to $3 trillion C) increases to $50 trillion D) increases to $18 trillion
The supply of loanable funds has a ________ slope because the greater the interest rate, the ________ the reward to saving, and the ________ the quantity of loanable funds supplied
A) positive; lesser; lesser B) negative; lesser; greater C) positive; greater; lesser D) positive; greater; greater
"A good cannot be both land- and labor-intensive." Discuss
What will be an ideal response?
Designing your products with proprietary technology, is a way to
A) protect intellectual property. B) increase switching costs for your customers. C) grandfather in your products. D) decrease your marginal cost.