The expression "social market economy," when applied to the German economic system, refers to
a. the poor performance of the German economy after World War II.
b. the absence of national economic planning.
c. the combination of state intervention and market forces to achieve desired social goals.
d. the rejection of private ownership.
e. none of the above.
C
Economics
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According to the circular flow diagram, the dollar value of a nation's output is equal to
A) profits. B) total income. C) net income minus taxes. D) wages.
Economics
If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?
A) a decrease in oil prices B) a decrease in government purchases C) a decrease in taxes D) an increase in the money supply and a decrease in interest rates
Economics