The role of the government in establishing how private business can operate includes all of the following except
A. Providing raw materials to business.
B. Protecting consumers from defective products.
C. Providing a legal framework.
D. Protecting the environment.
Answer: A
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National income is derived from gross domestic product by
A) adding personal income and transfer payments to gross domestic product. B) subtracting depreciation from gross domestic product. C) subtracting retained earnings from gross domestic product. D) adding personal taxes and depreciation to gross domestic product.
Explain why "bad cars drive out the good ones" in the market for used cars
What will be an ideal response?
According to efficiency wage theory, a firm that raises wages by one percent will actually lower the labor cost per unit of output if the wage increase
A) raises output per worker by more than one percent. B) raises output per worker by less than one percent. C) does not change output per worker. D) lowers output per worker by less than one percent.
Adam Smith believed that the rich derive the most enjoyment from their wealth by knowing that others observe their consumption
Indicate whether the statement is true or false