The system of resource allocation in the United States is a
a. pure market system
b. market system with elements of tradition and command
c. market system with elements of tradition, but not command
d. traditional system with elements of market, but not command
e. pure tradition system
B
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The current account deficits incurred by the United States in the 1980s were caused, in the opinion of many economists, by
A) federal budget deficits. B) a sharp decline in private saving. C) "flight to quality" as foreign investors favored U.S. investments. D) Both B and C are correct.
Economic incentives are designed to make individual self-interest coincide with social interest. According to economists, which of the following methods of pollution control best uses economic incentives to reduce pollution?
A) imposing quantitative limits on the amount of pollution and imposing a penalty for non-compliance with these limits B) rewarding environmental groups for monitoring the activities of private firms that produce products which generate pollution C) requiring the installation of specific pollution control devices D) instituting a system of tradable emission allowances
An income distribution in which all households receive exactly the same income is referred to as a(n)
a. just distribution of income. b. proportional distribution of income. c. equal distribution of income. d. equitable distribution of income.
One of the problems with official poverty statistics is that they
a. do not account for inflation. b. are not adjusted annually. c. omit in-kind transfers, such as food stamps. d. omit Medicare payments.