The economic system in the USA is rooted in the Laissez-Faire
capitalism of Adam Smith. However, the real-world setting in the US is not as Laissez-Faire
as Smith would have liked because the government greatly participates as more
than umpire and rule maker. The government take part in American Business by
way of resource or product markets, interest, and especially taxes which
results in making the American business progressed into a mixed economy,
showing both elements of capitalism and socialism.
Other factors such as <span>foreign
competition, the Great Depression, World Wars I and II, and the increasing age
of population have also contributed to the mixed economic system.</span>
Answer:
(D) is the same and output is lower than in the original long-run equilibrium.
Explanation:
In the long term the prices are flexible. They adapt to the new situation of a decrease in the demand. This is consistent with with a lower output, consecuences of the decreasing in the demand.
Answer:
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Answer: Agency
Explanation: Agency refers to the relationship between an agent and a principal. A principal is someone who is in charge of or owns something. An agent is someone who acts on behalf of the principal in a particular situation. This is a consensual relationship, as the principal requests the agent to act on their behalf. However the agent needs to operate in such a way that there is no conflict of interest between the principal's needs and the agent's needs. The agent has to put the principal's needs first. The agent will then act according to the prinicipal's instructions when dealing with third parties.
Answer:
Bankruptcy
Explanation:
After declaring bankruptcy, all of your financial obligation would be wiped up, minus several exceptions. For example: Child support, student loans, and alimony would not be deleted even if you declared bankruptcy.
Even though bankruptcy eliminate your current debts, it actually will create more financial problems for you in the future. For example, it will be almost impossible for you to qualify for mortgage or any other types of bank oloans.
