Which of the following statements is true about Mercantilism?
a. A weak state is needed to regulate and control the economy.
b. Adam Smith was the intellectual founder of mercantilism.
c. Individual economic freedoms, property rights, and private contracts are more important than the interests of the public.
d. There are no universal principles of economics.
e. none of the above.
E
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In the figure above, if pizza production is restricted to 5,000 pizzas a day, the deadweight loss is
A) $45,000 per day. B) $12,500 per day. C) $22,500 per day. D) $90,000 per day. E) zero.
Compared with a system of fixed exchange rates, currency unions are beneficial because they
A) restrict what countries can do with fiscal policy. B) allow exchange rates to float. C) allow every country to have an independent monetary policy. D) eliminate the possibility of speculative attacks.
When quantity demanded increases at every possible price, the demand curve a. shifts to the left
b. shifts to the right. c. there is a movement along the given demand curve. d. none of the above.
When enterprises get more funds from government subsidies provided by central planners and less from consumers, they will have incentive to
What will be an ideal response?