Each of these is a basic characteristic of a capitalist economy, except
A. the institution of private property.
B. central planning.
C. laissez-faire.
D. individuals acting in their own self-interest.
B. central planning.
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Which one of the following transactions in a particular year is included in gross domestic product for that year?
A) Social Security payments to retirees B) The government pays a computer services company that assisted in the delivery of Social Security payments to retirees. C) A car is produced in the previous year and remains in inventory for the entire year under consideration. D) A stay-at-home parent performs housework that the family would otherwise have paid a maid $20,000 a year to perform.
The size of a deadweight loss in a market is reduced by
A) government legislating a ceiling price. B) government legislating a price floor. C) market price being close to marginal cost. D) creative destruction.