Advocates of an unregulated market system argue that
A. competition promotes efficiency.
B. competition leads to product variety and quality.
C. competition leads to innovation.
D. all of the above.
Answer: D
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When the price level increases, total planned real expenditures on goods and services falls. All of the following are responsible EXCEPT
A) the interest rate effect. B) the real-balance effect. C) the substitution effect. D) the open economy effect.
Even though participants in the economy are motivated by self-interest, the "invisible hand" of the marketplace guides this self-interest into promoting general economic well-being
a. True b. False Indicate whether the statement is true or false
In the 1970s our economy suffered from _____ and _____.
Fill in the blank(s) with the appropriate word(s).
Private enterprise plays some role in production decisions for
A. few countries in the world. B. all countries in the world. C. about half of the countries in the world. D. most countries in the world.