Legal risk is evident in a country that has _____.
A. falling living standards
B. government debt
C. a violation of property rights
D. high inflation
Ans: C. a violation of property rights
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The order of Soviet dictator Joseph Stalin to farmers in the 1930s to produce capital equipment rather than food
a. was based on government support payments for agriculture. b. relied on foreign assistance. c. was an illustration of the capital formation method. d. was an illustration of the brute force method of breaking the poverty cycle, and it was a very successful policy. e. was an illustration of the brute force method of breaking the poverty cycle, and it meant starvation for millions of farmers.
_______ unemployment rises and falls with the business cycle.
a. Frictional b. Systematic c. Cyclical d. Temporary
Which of the following policies will reduce the budget deficit while achieving greater fiscal restraint?
A. Less government expenditure and higher taxes. B. More government expenditure and higher taxes. C. Less government expenditure and lower taxes. D. More government expenditure and lower taxes.
A perfectly competitive firm cannot earn an economic profit in the long run because
A. there are no barriers to entry into the industry. B. it faces a perfectly inelastic demand curve. C. it is a "price-maker." D. all firms in the industry earn accounting profits.