Economic freedom provides the
A) political system that encourages democracy.
B) necessary alternative to free markets.
C) social system that supports families.
D) incentive system that encourages growth-producing activities.
E) production system that discourages property rights.
D
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Assume the market in the graph shown with demand D and supply S1 is in equilibrium at a quantity of 5 units. Producer surplus is:
A. $5.
B. $10.
C. $15.
D. $7.50.
The Federal Reserve System was established by Congress in 1914
A. as a result of a breakthrough in economic theory. B. against significant opposition from the banking sector. C. because of the need for a central bank. D. as the world’s first central bank.
The long-run trend of real wages:
A. cannot be determined from available data on nominal wages and the price level. B. has been downward because the price level has risen faster than nominal wages. C. has been upward. D. has been downward because labor's share of the domestic income has fallen.
As price rises, quantity demanded gets _______ and quantity supplied gets ________.
A. larger; larger B. smaller; smaller C. larger; smaller D. smaller; larger