The Social Arrangements That Govern the Ownership, Use, and Disposal

question 315

Multiple Choice

The social arrangements that govern the ownership, use, and disposal of property are referred to as

• A) the double coincidence of wants.
• B) private enterprise.
• C) property rights.
• D) capitalism.

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Definitions:

National Debt

The complete figure representing the debt a national government holds from borrowing, which is still outstanding.

Recessionary Gap

The difference between the actual level of GDP and the potential GDP that could be produced if all resources were fully employed, indicating an economy is not reaching its full output potential.

Fiscal Policy

Government decisions on taxation and spending to influence the economy, aiming to manipulate demand, inflation, and economic activity.

Monetary Policy

A central bank's management of money supply and interest rates to achieve macroeconomic objectives like controlling inflation, consumption, growth, and liquidity.