The term "laissez faire" suggests that:
A) government should not interfere with the operation of the economy.,
B) land and other natural resources should be privately owned, but capital should be publicly owned.
C) land and other natural resources should be publicly owned, but capital equipment should be privately owned
D) government action is necessary if the economy is to achieve full employment and full production.
A) government should not interfere with the operation of the economy.,
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Which of the following explains why fluctuations in real GDP have become less volatile in the United States since 1950?
A) Services have become a smaller fraction of GDP since the 1950s. B) Unemployment insurance and other government transfer programs are more prevalent since the 1950s. C) The government has become more reluctant to intervene when real GDP declines and unemployment rises since the 1950s. D) both B and C
In the Fixed Effects regression model, using (n – 1) binary variables for the entities, the coefficient of the binary variable indicates
A) the level of the fixed effect of the ith entity. B) will be either 0 or 1. C) the difference in fixed effects between the ith and the first entity. D) the response in the dependent variable to a percentage change in the binary variable.
Government decisions about the level of taxation and public spending are called:
A. fiscal policy. B. monetary policy. C. congressional policy. D. legislative budgeting policy.
Which of the following statements is true?
A. Savings was negative for the United States in 2005 B. There was a significant decline in the U.S. savings rate since the mid-1980s C. A high rate of consumption for a country implies a low savings rate D. All of the statements are true