A policy change represents a:
A. change in one aspect of the government's policy.
B. systemic change in the relationship between the economy and the government.
C. change in the political system.
D. change from one economic system to another.
Answer: A
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Both successful market-processes ?and central planning rely on self-interested behavior.
Answer the following statement true (T) or false (F)
The figure above represents the relationship between output and cost in an industry with an external cost. Which line represents the marginal private cost (MC) curve?
A) Curve 1 B) Curve 2 C) the dotted line BC D) the y-axis E) the dotted line AB
The unemployment rate in the U.S. is equal to ________
A) the number of individuals unemployed in the U.S. divided by the U.S. population B) the number of individuals unemployed divided by the U.S. labor force C) the size of the U.S. population divided by the number of individuals unemployed D) the size of the U.S. labor force divided by the number of individuals unemployed
Consider four possible benefits of a water resources project: I. Provides employment to construction workers currently building houses. II. Provides electric power to the market. III. Provides reduced flood risk to individuals living along the river. IV. Raises the profits of MacDonald's stands in the area which serves construction workers. Which of these are true social benefits of the project?
a. All of them b. I, II, and III, but not IV c. I and III, but not II and IV d. II and III, but not I and IV