Which of the following is prerequisite of successful market economies?
A. the existence and enforcement of property rights
B. a tax system that redistributes income from the rich to the poor
C. the ability of the government to appropriate economic profits beyond a certain amount to ensure equality in income distribution
D. a military presence to ensure political freedom
Ans: A. the existence and enforcement of property rights
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The value of steel sold to an automobile producer is ________ directly included in the GDP because ________
A) always; it was produced during the current period B) never; to do so is to double count the value of the steel C) sometimes; the automobile may not be sold in the current period D) sometimes; the steel is sometimes not resold in the current period
Which of the following is true with regards to a long-run cost function?
a. The shape of the firm's long-run cost function is important in decisions to expand the scale of operations b. The long-run average cost curve is U-shaped c. The long-run average cost curve is flatter than the short-run average cost curve. d. The curve consists of the lower boundary of all the short-run cost curves e. All of the above
One reason a computer manufacturer may produce its own microchips rather than buy them is that it can maintain control over production quality
a. True b. False
In the United States in 2017, women's wages were 79 percent of men's wages.
Answer the following statement true (T) or false (F)