Private property rights mean that:
A) individuals cannot be excluded from the consumption of goods and services regardless of whether they pay for them.
B) individuals have a right to elect their representatives in the government.
C) individuals can own businesses and assets, and their ownership is secure.
D) the government does not own any resource used in production in an economy.
C
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Changes in nominal GDP only reflect changes in production while changes in real GDP include changes in both production and prices
Indicate whether the statement is true or false
One tax system is less efficient than another if it
a. places a lower tax burden on lower-income families than on higher-income families. b. places a higher tax burden on lower-income families than on higher-income families. c. raises the same amount of revenue at a higher cost to taxpayers. d. raises less revenue at a lower cost to taxpayers.