Sustained economic growth generally occurs when a nation
A) abandons the market system in favor of central economic planning.
B) abandons the rule of law in favor of a series of licenses, regulations, and tariffs to control and protect the domestic economy.
C) subsidizes loss-generating enterprises and thereby preserves jobs and incomes.
D) creates conditions where people are free to specialize and exchange.
D
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If Gary has budget constraint A, and the price of milk is $3 a gallon, what is Gary's income?
This graph shows three different budget constraints: A, B, and C.
A. $9
B. $27
C. $12
D. Cannot answer this without knowing the price of soda.
Why do economists use game theory to study the actions of firms in oligopoly markets but not in other markets?
A positive consumption externality occurs when;
a. When jack receives a benefit from john's consumption of a certain good b. When jack receives personal benefit from his own consumption of a certain good c. When jack benefits exceed johns benefits wo............ d. When jack consumes of a good is not beneficial to john
If an excise tax is imposed on a product, consumer surplus and producer surplus for this good will most likely change in which of the following ways?
What will be an ideal response?