A system of economic organization in which the ownership and control of productive capital assets rests with the state and in which resources are allocated through central planning and political decision making is called
a. socialism.
b. a market economy.
c. a corporate economy.
d. capitalism.
A
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One reason why adverse selection problems arise in the market for health insurance is because
A) sick people are more likely to want health insurance than are healthy people. B) fewer people are choosing careers in the medical field because of increases in the cost of education. C) as people live longer, a greater portion of their medical bills will have to be paid by younger generations. D) advances in medical technology are costly, and drive up the price of medical insurance.
Where does equilibrium occur in an income expenditure diagram? What would be the effect if production is at either on the left or right side of the equilibrium point?
What will be an ideal response?
A point along the production possibility frontier is:
A. inefficient. B. impossible. C. efficient. D. utility-maximizing.
Thomas Malthus argued that population grows geometrically and the food supply grows arithmetically
a. True b. False