What is a centrally planned economy?
What will be an ideal response?
A centrally planned economy is an economy in which a government bureaucracy decides what products to produce, how to produce them, and who gets the products.
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There are two people in an economy. Person A’s demand for a public good is Q = 10 - P and person B’s demand is Q = 20 - 2P. The highest total that A and B will be willing to pay for six units of the public good is
a. $3 b. $4 c. $7 d. $11
Using the data in the table above, the growth rate of real GDP for 2010 is equal to
A) 4.76 percent. B) 10.0 percent. C) 9.09 percent. D) 5.00 percent. E) 7.00 percent.
In the United States in 2014, the percentage of firms that employed between 3 and 199 workers and did not offer health insurance as a fringe benefit to the workers was about
A) 2%. B) 46%. C) 61%. D) 98%.
At the end of World War II in 1945, many economists and business managers expected that the U.S. economy would enter a severe recession. At that time, Sears and Montgomery Ward were the two largest department store chains in the country
Sears CEO Robert Wood expected continuing prosperity and opened new stores. Montgomery Ward CEO Sewell Avery expected falling incomes and rising unemployment and closed a number of existing stores. The results of their actions were seen during the late 1940s, when A) Sears declared bankruptcy and was purchased by Montgomery Ward. B) Montgomery Ward weathered the economic downturn in better financial shape than Sears. C) Sears had to close many of the new stores it had opened following the end of the war. D) Sears rapidly gained market share at Montgomery Ward's expense.