The market system is an economic system that:
a. Gives the government the right to tax individuals and corporations for the production of capital goods
b. Produces more capital goods than consumer goods
c. Gives private individuals and institutions the right to own resources used in production
d. Produces more consumer goods than capital goods
c. Gives private individuals and institutions the right to own resources used in production
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The cable and subscription TV business is plagued with the problem of "signal theft." People use illegal receivers to capture the company's signal without paying. Enforcement of the company's property right is very expensive. This problem emerges because TV signals are basically
a. economic goods. b. invisible goods. c. depletable goods. d. public goods.
John Maynard Keynes wrote The General Theory of Employment, Interest, and Money (1936) to
a. improve the gold supply balances of the British government. b. prove that the punitive nature of the Treaty of Versailles would ultimately lead to recession in Europe. c. prove that active government policy would produce unemployment and high rates of inflation. d. demonstrate that pessimistic consumers and businesspersons could reduce their spending and condemn the economy to long-run stagnation.
A competitive firm sells 500 units of output and its marginal revenue at 500 units of output is $35 . The firm's total revenue amounts to __________
Fill in the blank(s) with correct word
If the fluctuations in the economy’s real growth rate from year to year are caused primarily by variations in the rate at which aggregate demand increases, then data would show
A. a cyclical relationship between inflation and unemployment. B. a direct relationship between inflation and unemployment. C. an inverse relationship between inflation and unemployment. D. no relationship between inflation and unemployment.