The government may impose industrial safety regulations and occupational licensing requirements in which of the following economic systems?

What term is defined as the change in the amount consumers will buy because the purchasing power of their money changes?

a. consumer taste b. consumer expectation c. income effect d. substitution effect

If GDP grew 3% in 1970, 2.2% in 1971 and 2.5% in 1972 then, what is the average annual growth rate over this period?

A) 5% B) 4% C) 2.6% D) -2.2%