The Group of Seven is an informal international institution that is comprised primarily of the:
A. major developing countries.
B. leading industrial democracies.
C. leading petroleum exporting countries.
D. leading socialist countries.
Answer: B
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In a mixed economy,
A. all economies choose an identical mix of private and public involvement in the economy. B. the government is more important than the private sector in generating output. C. there is some government influence over the workings of the free market. D. All of the responses are correct.
Considering the tax and transfer system in the United States, the poor receive
A) less in benefits than they pay in taxes, and so do the rich. B) more in benefits than they pay in taxes, and so do the rich. C) less in benefits than they pay in taxes, and the rich receive more in benefits than they pay in taxes. D) more in benefits than they pay in taxes, and the rich receive less in benefits than they pay in taxes.
When U.S. Steel, a steel producer, bought control of iron ore companies at the beginning of the 20th century, the company was initiating
A) a horizontal merger. B) a vertical merger. C) a cartel. D) an expropriation.
Describe the changes in the variables that will cause the demand for a product to increase, shifting the demand curve to the right
What will be an ideal response?