Which of the following is NOT a characteristic of a laissez-faire system?
A. Enforcement of contracts
B. Protecting private property rights
C. Minimal government intervention
D. Public ownership of all capital
Ans: D. Public ownership of all capital
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Which of the following goods would be considered legally non-excludable?
Average growth rates of per capita income were close to zero, on average, prior to the Industrial Revolution.
Answer the following statement true (T) or false (F)
If purchasing power parity holds, then if the price of a basket of goods in the U.S. rose from $1,500 to $2,000 and the price of the same basket in Mexico rose from 12,000 pesos to 18,000 pesos
a. inflation was higher in the U.S. than Mexico so the U.S. dollar would appreciate. b. inflation was higher in the U.S. than Mexico so the U.S.dollar would depreciate. c. inflation was lower in the U.S. than Mexico so the U.S. dollar would appreciate. d. inflation was lower in the U.S. than Mexico so the U.S dollar would depreciate.
Which of the following would not be considered a boom period as measured by the percentage growth rate of U.S. output of goods and services?
A. the Roaring 20s B. the conversion from a wartime to a peacetime economy following World War II C. World War II D. the late 1990s