In enforcing the legal system, the government in a market capitalist economy acts to:
A) enforce contracts.
B) enforce property rights.
C) discourage fraud.
D) do all of the above.
Ans: D) do all of the above.
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Vertical equity in taxation refers to the idea that people
a. in unequal conditions should be treated differently. b. in equal conditions should pay equal taxes. c. should pay taxes based on the benefits they receive from the government. d. should pay a proportional tax rather than a progressive tax.
GDP is the:
A. sum of coins, bills, and demand deposits circulating in an economy one year period. B. total expenditures of the federal government over the period of one year. C. market value of an economy's production of final goods and services in a one year period. D. market value of an economy's production of all goods and services in a one year period.