The term laissez faire can be translated
a. "leave it alone"
b. "make it equitable (fair)"
c. "take an active role"
d. "markets work"
e. "free of problems"
A
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Spending on items other than consumption represents about what percent of total output of goods and services?
A. 20 percent B. 30 percent C. 40 percent D. 60 percent
Did Mother Teresa create positive externalities when she helped the poor of Calcutta?
A) No, because the poor continued to exist and her efforts were largely unsuccessful. B) No, because she fully calculated all the benefits of her activities. C) Yes, because her activities have inspired and benefited countless others whom Mother Teresa could not have known about or taken into account. D) Yes, because her activities had nothing to do with the search for economic profit.
In the summer 2012 the lobster catch in Maine was especially large, but instead of celebrating the fisherman were suffering from a lower total revenue. (Source: New York Times, July 28, 2012 ) As the lobster catch increases, there is
A) a movement along the demand curve, resulting in a higher price and a decreased quantity. B) a movement along the demand curve, resulting in a lower price and an increased quantity. C) no change in either the price or the quantity. D) a movement along the demand curve, resulting in a higher price and an increased quantity.
Deficits are created by governments running a large debt
a. True b. False Indicate whether the statement is true or false