Legal and social rules that affect the ownership of property are:
A. the coincidence of wants.
B. the division of labor.
C. the freedom of enterprise.
D. property rights.
Answer: D
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Suppose the growth rate of GDP in the United States is 4.2 percent. If 2.9 percent and 1.3 percent of GDP growth are due, respectively, to capital and labor growth, the amount resulting from technological progress is
A) 0 percent. B) 1.3 percent. C) 2.9 percent. D) 4.2 percent.
What does the inflation rate measure, and what is deflation?
What will be an ideal response?
A production possibilities frontier shifts outward when
a. the economy experiences economic growth. b. the desires of the economy's citizens change. c. at least one of the basic principles of economics is violated. d. opportunity costs are lessened.
Which of the following is a function of money?
(a) Unit of Account. (b) Store of Value. (c) Standard of Deferred Payment. (d) All of the above