List five major economic activities of government, and give an example of each.
What will be an ideal response?
| 1. | Government as referee. Example: enforcing contracts or supervising truth-in-lending laws. |
| 2. | Regulating business. Example: antitrust laws, environmental laws. |
| 3. | Expenditures. Example: government pensions, national defense. |
| 4. | Taxes. Example: income, sales, property taxes. |
| 5. | Government as redistributor. Example: poverty programs, Social Security. |
Economics
You might also like to view...
What does the deadweight loss from monopoly measure?
What will be an ideal response?
Economics
When the Federal Reserve increases the money supply, people spend more because they now have more money
Indicate whether the statement is true or false
Economics
If Marginal Cost (MC) is higher than Average Cost (AC), average cost is
a. falling b. rising c. constant d. none of the above
Economics
In the graph below, the price of capital is $500 per unit. Given a total cost of $50,000, the maximum amount of output possible is
A. 1,100 units of output. B. 500 units of output. C. 10,000 units of output. D. 50,000 units of output. E. none of the above
Economics