Why are private enterprises more efficient than government enterprises?
What will be an ideal response?
Private enterprises are more efficient than government enterprises because government enterprises are often slow to react to market changes and to adopt new technologies.
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Technological advancements cause structural unemployment. However, they help in:
a. lowering the rate of interest in the economy. b. increasing the price level in the economy and hence make business more profitable for the firms. c. improving living standards by giving consumers a greater variety of goods at lower costs. d. raising government's tax revenue. e. raising the aggregate income in the economy.
Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry.
Fill in the blank(s) with the appropriate word(s).
Households will supply labor as long as the wage they receive is less than the value of their leisure time.
Answer the following statement true (T) or false (F)
If unplanned inventory investment is positive, then
A. planned aggregate spending must be greater than aggregate output. B. planned aggregate spending must equal aggregate output. C. planned investment must be zero. D. planned aggregate spending must be less than aggregate output.