The role of government in a market economy would include all of the following except
A. providing services such as national defense.
B. collecting taxes.
C. extensive ownership of productive resources.
D. making and enforcing laws.
Answer: C
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If the population of a country increases, while GDP remaining constant, then ________
A) income per capita will remain unchanged B) trade deficit will decrease C) gross national product will increase D) income per capita will decrease
In what way does this map serve as an abstraction?
Zoom out to the highest level. How does this affect the level of abstraction? When would each type of map be most useful? Generalize this argument by discussing the level of abstraction needed for alternative economic models.
Normative economic principles are concerned with how people ________ make decisions while positive economic principles are concerned with how people ________ make decisions.
A. do; should B. in ordinary life; in power C. in power; in ordinary life D. should; do
The price index that measures the prices of goods and services purchased by firms is called the:
A. CPI. B. PPI. C. RPI. D. PRI.