In providing a legal framework, the government
A. Protects copyrights to encourage textbook protection.
B. Protects the ownership of private property to encourage the private sector.
C. Protects patents to encourage entrepreneurship.
D. All of the choices are correct.
Answer: D
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An unintended bad outcome is referred to as a(n) ________ and ________ cause harm to an individual firm.
A) accident; cannot B) mistake; cannot C) accident; can D) mistake; can
Ted moves into his first apartment. He buys a barely used washer/dryer set from Craigslist and hires a company to pick it up and deliver it to his apartment. What about this transaction will be counted in GDP?
A. The value of the washer/dryer set B. The value of the delivery service C. The value of the washer/dryer set and the delivery service D. Nothing about this transaction will count toward GDP
If working people in the economy become wealthier,
a. the supply curve of labor will shift to the right b. the demand curve for labor will shift to the right c. the demand curve for labor will shift to the left d. some people may choose to work longer hours e. some people may choose more leisure and fewer work hours
Which statement is true?
A. In China today, the private sector produces no more than 10% of the country's goods and services. B. Under communism in the Soviet Union, the private sector was almost as large as the government sector. C. In the American economy today, the public sector is almost as large as the private sector. D. None of the statements are true.