The idea that voters tell the government what to do:
A. is the basic idea of democracy.
B. is the basis for a command economy.
C. always leads to efficient economic outcomes.
D. All of these
Answer: A
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The table above has information about an economy. Using this information, GDP equals
A) $6,500 billion. B) $7,800 billion. C) $7,000 billion. D) $8,500 billion. E) some amount that cannot be calculated without information on the amount of government expenditures.
National income is equal to
A) GDP minus depreciation. B) GNP plus depreciation. C) disposable personal income plus depreciation plus personal taxes. D) personal income minus personal taxes.
A perfectly competitive firm has a horizontal demand curve because it can sell as much as it wants at the market price
a. True b. False Indicate whether the statement is true or false
You do not worry about how your bank is investing your money because your deposits are federally insured. This is an example of:
A. a positive spillover. B. moral hazard. C. adverse selection. D. irrational behavior.