"Creative destruction" in a market system is brought about by
What will be an ideal response?
entrepreneurship.
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Answer the next question on the basis of the following information: Three goods are produced in an economy in the following amounts: A = 10, B = 30, C = 5. The current year per unit prices of these three goods are A = $2, B = $3, and C = $1.If the per unit prices of the three goods were each $1 in a base year used to construct a GDP price index, then real GDP in the current year is ________.
A. $160 B. $115 C. $45 D. $110
Refer to Figure 9-3. What is the value of revenue to foreign producers who are granted permission to sell in the U.S. market when there is a quota?
A) $12 million B) $17.25 million C) $20 million D) $44 million
According to economists, which of the following is the best example of a market?
A. A flea market. B. The trading floor of the New York Stock Exchange. C. The local shopping mall. D. The retail market for winter coats in Chicago.
In 2017, the Trump administration enacted ______.
a. a freeze on discretionary fiscal policy b. a freeze on automatic stabilizers c. tax cuts and government purchasing increases d. tax increases and government purchasing decreases