The ________ is when society enforces property rights, contracts, and other rules based on an established set of laws.
A. rule of one
B. rule of man
C. rule of law
D. rule of force
Answer: C
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The legislation passed in 1946 that requires governmental institutions to promote "maximum employment, production, and purchasing power" is called:
A) Full Employment and Balanced Growth Act. B) Federal Reserve Act. C) Employment Act. D) Unemployment Act.
Q: How many economists does it take to screw in a light bulb? A: None. If the light bulb really needed changing, market forces would have already caused it to happen. This joke represents the view of
A) classical economists. B) Keynesian economists. C) economists who conclude that money illusion is widespread. D) economists who conclude that wages and prices are inflexible.
When resource prices are negotiable, the long-run aggregate supply curve is represented by: a. an upward-sloping line b. a downward-sloping line c. a vertical line at potential output
d. a horizontal line at the actual price level. e. a horizontal line at the expected price level.
The above table shows the daily production possibilities for a nation. According to the above table, the opportunity cost of each additional car in terms of televisions
A. is meaningless because the cost of cars cannot be expressed in terms of televisions. B. remains constant. C. falls as more cars are produced. D. increases as more cars are produced.