The U.S. lowered tariffs in the 1850s because of a budget surplus

Assuming that the growth rate of full-employment output is 3%, and that the actual unemployment rate fell 2 percentage points in the last year, Okun's Law predicts that output growth rate over the past year was

A) -1% B) 3% C) 5% D) 7%

Throughout U.S. history, entrepreneurial activity would occur when

(a) centralized economic planning was involved (b) distributed rights to profits were clear and protected (c) government intervention was pervasive (d) all of the above