The government tries to protect the competitive economic system by passing and enforcing
A) price controls.
B) tariff legislation.
C) antitrust laws.
D) building codes and zoning laws.
Answer: C
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Producers of DVDs are able to lower the wage rate that they pay to their workers. You predict that the
A) price will rise. B) quantity supplied will decrease. C) supply curve will shift leftward. D) supply curve will shift rightward.
Discuss the difference between a private cost and a social cost
What will be an ideal response?
The underground economy
A. consists mainly of such involuntary transfer payments as savings and loan fraud and bank robberies. B. consists only of illegal activities such as prostitution, loan-sharking, and narcotics. C. is a very stable percentage of GDP. D. causes GDP to be underestimated by 10 to 15 percent.
The ability of an economy to produce greater levels of output is called:
a. negative economics. b. economic growth. c. positive economics. d. the law of specialization.