Strong property rights inhibit economic growth by strictly regulating economic behavior.
a. true
b. false
Answer: b. false
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This graph shows three different budget constraints: A, B, and C. If Ted's budget constraint is shown by line A in the graph shown, and Ted's income for these two items is $36, what are the prices of the two goods?
This graph shows three different budget constraints: A, B, and C.
A. Soda costs $3 per case, and milk costs $4 a gallon.
B. Soda costs $4 per case, and milk costs $3 a gallon.
C. Soda costs $12 per case and milk costs $9 a gallon.
D. Soda costs $6 per case and milk costs $3 a gallon.
The mixed economy is the dominant economic system in the world because
a. custom and religion have no influence on economic decisions in these systems b. pure capitalist economies have placed more control in the hands of individuals in recent years c. there is public (i.e., governmental) ownership of resources but regulation of government by individuals reduces some of the flaws of pure capitalism d. there is private ownership of property but government regulation of individuals reduces some of the flaws of pure capitalism e. governments in pure command economies have increased their control over decision-making in recent years
What is the typical shape of a total product curve?
a. An S-shape b. A U-shape c. An inverted U-shape d. A constantly increasing line e. A constantly decreasing line
The example of an inflationary gap in 2006–2007 suggested that the economy adjusts
A. rapidly to inflationary gaps by lowering prices. B. rapidly to inflationary gaps by raising prices. C. slowly to inflationary gaps by lowering prices. D. slowly to inflationary gaps by increasing inflation.