Historically, the U.S. governmental structure and political system
(a) changes in the presence of a system of checks and balances as circumstances
change.
(b) is a fixed structure and, therefore, provides the stability needed to support
productive activities.
(c) guarantees that only the qualified can vote.
(d) strongly protects the economic interests of capitalists identified as responsible
for economic growth.
(a)
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If the percentage change in quantity demanded is greater than the percentage change in price, we would say that over this range, demand is:
A) elastic. B) unit elastic. C) inelastic. D) perfectly inelastic.
If one adopts a pure free market approach to depletable resources, then one can expect the price of resources to
a. rise steadily. b. fall steadily. c. fluctuate in a random-walk fashion. d. remain unchanged.
Suppose in the country of Nash that the price of corn is $4 per bushel with no trade allowed. If the world price of corn is $3 per bushel and if Nash allows free trade, will Nash be an importer or an exporter of corn?
When oligopolistic firms in an industry form a cartel, then it is most likely that
A. both industry output and prices will decrease. B. both industry output and prices will increase. C. industry output will decrease while prices will increase. D. industry output will increase while prices will decrease.