The term "laissez faire" was given to a system of free markets by
a. twentieth-century American economists.
b. a seventeenth-century Scottish economist.
c. eighteenth-century French economists.
d. nineteenth-century Italian economists.
c
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With regards to an investment project, which of the following is TRUE?
A) A risk-neutral individual is more likely to invest than a risk-averse individual. B) A risk-neutral individual is more likely to invest than a risk-loving individual. C) A risk-neutral individual is less likely to invest than a risk-averse individual. D) Not enough information is given.
A monopoly is inefficient because: a. consumers are forced to pay higher prices for products
b. firms are able to earn economic profits. c. the cost of increased production is less than the value that society places on it. d. price exceeds marginal revenue.
Which of the following is most limited in scope under a pure market economy? a. Freedom of choice
b. Consumer sovereignty. c. Entrepreneurship. d. Government.
Expansionary fiscal policy, other things being equal, will tend to: a. increase interest rates. b. increase investment
c. increase net exports. d. all of the above