Market economies have been successful in leading to economic growth because they have:
A. allowed companies that pollute to avoid paying any penalty for doing so.
B. taken advantage of increased government subsidies.
C. channeled individual efforts toward production and growth.
D. ignored private property rights.
Answer: C
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How much of U.S. government debt is held by the rest of the world?
What will be an ideal response?
A tax credit
A. is not the same as a tax deduction. B. is another phrase for a tax deduction. C. is never calculated on federal tax returns. D. only applies to the EITC.
In the simple circular flow diagram, the flow of money from the markets for goods and services to the firms is called
a. spending. b. revenue. c. income. d. wages, rent, and profit.
According to the circular-flow diagram, GDP
a. can be computed as payments firms make to factors of production plus revenues they receive from the sales of goods and services. b. can be computed as the revenue firms receive from the sales of goods and services minus the payments they make to factors of production. c. can be computed as either the revenue firms receive from the sales of goods and services or the payments firms make to factors of production. d. can be computed as the payments firms make to factors of production, but not as revenues they receive from the sales of goods and services.