Production decisions are centralized in a(n)
A. command economy.
B. utopian economy.
C. invisible-hand economy.
D. laissez-faire economy.
Answer: A
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The GDP deflator is the
A) difference between real GDP and nominal GDP multiplied by 100. B) difference between nominal GDP and real GDP divided by 100. C) ratio of nominal GDP to real GDP multiplied by 100. D) ratio of real GDP to nominal GDP multiplied by 100.
Food stamps _____
a. do little to increase demand for agricultural products b. make certain low-income individuals eat healthy foods c. increase demand for agricultural products d. help fight obesity
The rate at which a consumer is ABLE to substitute one good for another is determined by
A. the marginal rate of substitution. B. the budget line C. the consumer's income. D. the indifference map.
Consuming goods until the ratio of marginal utilities of the goods is equal to the ratio of their prices is consistent with maximizing total utility
a. True b. False