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ECN 125 Dumas 125 Final
Terms in this set (5)
no money one good or service for another
an increase in the productive capacity of an economy.
Real GDP per capita
output per person, adjusted for inflation.
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Which characteristic of free enterprise capitalism is the most important to the success of the economic system? Explain.
Calculate the final price consumers would pay for a gallon of gasoline given the following costs. How does this example demonstrate the need for calculating value added when measuring GDP? $$ \bullet $$ Crude oil is extracted from the ground at a cost of $50 per 40-gallon barrel.$ $\bullet$ $Crude oil is transported to a refinery at a cost of 18 cents per gallon.$ $\bullet$ $It takes 1.25 gallons of crude oil to produce 1 gallon of gasoline.$ $\bullet$ $Crude oil is refined into gasoline at a cost of 10 cents per gallon of gasoline.$ $\bullet$ $Gasoline is transported to gas stations at a cost of 14 cents per gallon.$ $\bullet$$ Gas station owners add 15 cents to the cost of each gallon sold.
According to the Fifth Amendment, a government may appropriate private property for public use (such as road building) as long as "just compensation " is given to the property owner. In a 2005 decision, the Supreme Court ruled that this principle of "eminent domain" also allowed a city to appropriate homes in a poor neighborhood so that developers could improve the area economically. Document A. "The City has carefully formulated an economic development plan that it believes will provide appreciable benefits to the community, including-but by no means limited to-new jobs and increased tax revenue ... Because that plan unquestionably serves a public purpose, the takings challenged here satisfy the public use requirement of the Fifth Amendment ... Promoting economic development is a traditional and long accepted function of government." According to Document A, the majority of the Supreme Court in this case believed that A. the principle of eminent domain was unconstitutional. B. economic development of a poor area was in the public interest. C. a government may take private property without offering compensation. D. the Fifth Amendment did not apply to this particular case.
In what way are vouchers used in the privatization process?
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