U.S.GDP

question 57

Multiple Choice

U.S.GDP

• A)includes production of foreigners working in the U.S.and production by U.S.residents working in foreign countries.
• B)includes production of foreigners working in the U.S.but excludes production by U.S.residents working in foreign countries.
• C)excludes production of foreigners working in the U.S.but includes production by U.S.residents working in foreign countries.
• D)excludes production of foreigners working in the U.S.and production by U.S.residents working in foreign countries.

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Definitions:

Laissez-Faire Economies

Economic systems in which transactions between private parties are free from government intervention such as regulations, privileges, tariffs, and subsidies.

Command Economies

Economic systems where government decisions rather than market mechanisms primarily dictate production, allocation, and prices of goods and services.

Laissez-Faire Economy

A market system in which private-party transactions are conducted without the interference of government actions like regulations, privileges, tariffs, and subsidies.

Marginal Tax Rate

The tax rate paid on the next dollar earned.