Only socialist economies need to answer the What, How, and For Whom questions
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose a Cournot oligopoly is operating in a market where demand is linear and marginal costs are constant. We can conclude that the total output supplied is
a. 1/3 of the perfectly competitive output. b. 1/2 of the perfectly competitive output. c. 2/3 of the perfectly competitive output. d. equal to the competitive output.
A ton of coal purchased by your local utility to burn to make electricity would be best described as
A) an intermediate good. B) a financial asset. C) a used good. D) a final product.
The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most. B) lawmakers in the government deciding on what will be produced. C) consumers dictating to firms what they need most. D) workers deciding to produce only what the boss says must be produced. E) consumers and firms choosing which goods and services to buy or produce.
When economists describe preferences, they often use the concept of
a. markets. b. income. c. utility. d. prices.