Outline the various actions the government sector could take to promote growth
What will be an ideal response?
The government should secure private property rights. Private property rights are crucial for a smoothly functioning market system. The government should create a court system that will enforce contracts. It should also assist in the development of the country's financial system. Additional endeavors include strengthening the education, communication, and transportation systems.
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New York City limits the number of taxi cabs that can legally operate in the city. The most likely result of this practice is that
a. cab fares will be lower. b. cab fares will be higher. c. the cost of operating a taxicab will be lower. d. subway fares will decrease.
A discouraged worker is
What will be an ideal response?
Which of the following is an example of a durable good?
(A) A box of cereal (B) A pack of baseball cards (C) A used car (D) A paperback book
Our basic problem with respect to our balance of trade is that
A. we consume too much and save too much. B. we consume too little and save too little. C. we consume too much and save too little. D. we consume too little and save too much.