The government’s role in a laissez-faire system includes
A. determining market prices
B. constructing and maintaining roads and infrastructure
C. determine the levels of profits earned by firms
D. impose minimum wages
Answer: B
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The graph shown demonstrates a tax on sellers. Which of the following can be said about the effect of this tax?
The graph shown demonstrates a tax on sellers. Which of the following can be said about the A. The tax creates a shortage, and rationing must occur.
B. The tax creates a surplus, and the government must buy the excess.
C. The tax creates a shortage, and the government must regulate the market.
D. None of these is true.
Brittany must write a political science term paper and prepare for an economics exam. The production possibilities curve between political science and economics preparation is a straight line. As time spent studying economics increases, the opportunity cost of studying for economics: a. increases
b. remains the same. c. decreases. d. first increases then decreases.
The table below shows the number of labor hours required to produce one gallon of wine and one pound of cheese in the United States and France. The United States has a comparative advantage in the production of Labor hours to make:In the United StatesIn France1 gallon of wine4.001.001 pound of cheese1.002.00
A. both goods. B. neither cheese nor wine. C. only cheese. D. only wine.
According to most economists, the development of markets is:
A. both a necessary and a sufficient condition for development. B. a sufficient condition for development but not a necessary condition. C. a necessary condition for development but not a sufficient condition. D. neither a necessary nor a sufficient condition for development.