The laissez-faire philosophy held that
A) Establish export laws to stimulate the economy.
B) Little or no government control of the economy.
C) Strict government control of all economic activity was necessary.
D) None of the above.
Answer: B
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In an open economy, an increase in (G? T) will
A. decrease (X? IM). B. increase (X? IM). C. leave (X? IM) unchanged. D. have an unpredictable effect on (X? IM).
When is the price of a product demand determined?
What will be an ideal response?
Refer to Figure 7-1. At the market equilibrium
A) the marginal benefit is less than the marginal cost. B) the marginal benefit is greater than the marginal cost. C) the marginal benefit is equal to the marginal cost. D) the marginal benefit is zero.
When an economic event causes demand or supply to shift, prices and quantities set off in the general direction of:
a. equilibrium. b. disequilibrium. c. stabilization. d. maximization.