Dee is an accomplished actress and a homeowner who pays a landscaper to maintain her lawn rather than do it herself. Dee has determined that she can earn more in the hour it would take her to work on her lawn than she must pay her landscaper. This scenario is an example of which principle of economics?
a. Trade can make everyone better off.
b. Markets are usually a good way to organize economic activity.
c. Governments can sometimes improve market outcomes.
d. Prices rise when the government prints too much money.
a
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America's antitrust laws are used to protect competition against possible encroachment by monopoly. This is an example of government as
a. regulator of businesses. b. buyer of goods and services. c. tax collector. d. redistributor.
Suppose the population (age 16 and over) of New Zealand is 48 million; 4 million are unemployed, and 40 million hold jobs. Indicate the rate of unemployment and the employment/population ratio of New Zealand
a. The unemployment rate is 10 percent, and the employment/population ratio is 75 percent. b. The unemployment rate is 9.1 percent, and the employment/population ratio is 91.7 percent. c. The unemployment rate is 10 percent, and the employment/population ratio is 83.3 percent. d. The unemployment rate is 9.1 percent, and the employment/population ratio is 83.3 percent.