Economic freedom by its nature suggests
A) minimal government interference. B) a lack of laws and regulations.
C) economic anarchy. D) zero government.
A
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What are automatic stabilizers? How do they help stabilize real GDP?
What will be an ideal response?
A situation in which each firm selects its best action, given what its rivals are doing, is called a
A) Nash equilibrium. B) Cooperative equilibrium. C) Stackelberg equilibrium. D) zero sum game.
QN=61 (17780) In 2007, Corny Company grows and sells $2 million worth of corn to Tasty Cereal Company, which makes corn flakes. Tasty Cereal Company produces $6 million worth of corn flakes in 2007, with sales to households during the year of $4.5 million. The unsold $1.5 million worth of corn flakes remains in Tasty Cereal Company's inventory at the end of 2007. The transactions just described contribute how much to GDP for 2007?
a. $4.5 million b. $6 million c. $6.5 million d. $8 million
Market economies have been successful in leading to economic growth because they have:
A. allowed companies that pollute to avoid paying any penalty for doing so. B. taken advantage of increased government subsidies. C. channeled individual efforts toward production and growth. D. ignored private property rights.