Which of the following statements is true?
a. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making.
b. In capitalism income is distributed on the basis of need.
c. Adam Smith was the father of socialism.
d. Most real-world economies are mixed economic systems.
e. The "invisible hand" refers to government economic control.
d
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The table in the above figure shows the levels of output resulting from different levels of inputs. Returns to scale are greatest at which level of output?
A) 100-200 units B) 200-400 units C) 400-600 units D) There is insufficient information to answer the question.
Legislated federal government payments that anyone who qualifies can receive are called
A) controllable expenditures. B) a fiscal stabilizer. C) balanced expenditures. D) entitlements.