Define wealth, or net worth
What will be an ideal response?
Wealth or net worth is the value of all the things that you own after your liabilities are subtracted.
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To say that government intervenes in the economy to promote efficiency is to say that government is attempting to
a. create a more fair distribution of income. b. change the way in which the economic pie is divided. c. enlarge the economic pie. d. All of the above are correct.
When policymakers set prices by legal decree, they
a. are usually following the advice of mainstream economists. b. improve the organization of economic activity. c. obscure the signals that normally guide the allocation of society's resources. d. are demonstrating a willingness to sacrifice fairness for the sake of a gain in efficiency.
The lateral decision-right assignment is carried out on the basis of
A. the distribution of knowledge and the coordination and control costs. B. technological advances that allow firms to flatten their management structures. C. the strength of the team of the local managers. D. the degree of vertical integration of firms.
Which of the following statements most likely lies within the realm of microeconomics?
A. Unemployment rises during a recession and falls during an expansion. B. An increase in government spending will increase the aggregate demand for goods and services in the economy. C. A rapid acceleration of the supply of money may create inflation. D. An increase in labor costs will increase the additional cost of producing another bus.