What is the function of an economic system?
a. to make sure all people have equal access to goods
b. to produce and distribute goods and services
c. to give all producers the same access to consumers
d. to make sure people are paid for their labor
Answer: to produce and distribute goods and services.
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Entitlements and net interest are the ________ the U.S. federal budget
A) two fastest-growing components of B) only two declining components of C) only two components with negative values in D) two slowest-growing components of
Quotas and tariffs both
A) decrease deadweight loss. B) restrict foreign trade. C) cause a loss of revenue to domestic producers. D) lower prices on imported goods.
Recall the Application about how having car insurance affects driving behavior to answer the following question(s).Recall the Application. Explain the effect of mandatory car insurance laws on the number of traffic accidents and fatalities.
What will be an ideal response?
If a consumer is at an optimum, consuming X and Y, and the price of Y decreases, then to get to a new equilibrium the consumer must
A) purchase less X. B) purchase less Y. C) purchase more X. D) purchase more of both X and Y.