ECON 1000 Midterm: ECON 1000 Kennesaw State ECON1000 Summer2018 Exam3AA
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____________________ states that the fairest distribution of income and consumption is the one realized when the government establishes and enforces a legal code which respects all voluntary economic interactions between individuals in a society. __________________ refers to a situation in which a series of pair-wise majority votes over more than two options leads to a cycling of winners. Charge manufacturers a fee (or impose a per unit tax) for each unit of the negative externality that they generate. Do nothing (i. e. , just let the market allocate the good as is currently the case, with no deliberate government action whatsoever). Offer subsidies to manufacturers for increasing the amount of the negative externality that they generate. More than one (perhaps all) of the above answers is correct. The magnitude of the % decline in real gdp during the most recent recession in the u. s. (which lasted from december 2007 through june 2009) was tied for the largest such decline since.
