Which of the following economic systems requires some form of competition to better coordinate the plans and projects of households and enterprises?
A) capitalism.
B) socialism.
C) fascism.
D) totalitarianism
E) all of the above.
E
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Managers in oligopoly firms must
A) eliminate any barriers to entry if they hope to make short-run profits. B) advertise heavily in order to differentiate their product. C) anticipate the reaction of rival firms. D) establish many varieties of their products to cover the spectrum of consumer tastes.
Compared to other developed countries:
a. total health spending in the U.S. is much higher b. U.S. health care spending as a percentage of GDP is below average c. both of the above d. neither of the above
In a system with 100% reserve requirement, banks cannot create loans.
a. true b. false
In country A the opportunity cost of 1 paper clip is:
If Countries A and B produce only either rubber bands or paper clips, their maximum outputs are shown in the production possibilities schedules below:
A. 2 rubber bands
B. 1 rubber band
C. 1/2 rubber band
D. 1/4 rubber band