In the economic way of thinking, profit and loss can be eliminated only by
A) appropriate and effective price controls.
B) careful and detailed government regulation of business.
C) a total elimination of uncertainty.
D) taxation.
E) the confiscation of private property.
C
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A biennial budget: a. is more useful than an annual budget as a tool of discretionary fiscal policy
b. is implemented by the federal government, while an annual budget is implemented by state governments. c. would ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget. d. would encourage cabinet members to focus more on running their agencies rather than being involved in budget deliberations. e. would require shorter-term economic forecasts than an annual budget.
The more complex a model is, the easier it is to arrive at a conclusion.
Answer the following statement true (T) or false (F)
Which of the following correctly describes the effects of a decrease in net taxes?
What will be an ideal response?
Which of the following statements about a perfectly competitive market are TRUE?I.The perfectly competitive industry faces an upward sloping labor supply curve.II.The individual firm in a perfectly competitive industry faces a perfectly elastic labor supply curve.
A. I only B. II only C. both I and II D. neither I nor II