All centrally planned economies
A) have been political dictatorships.
B) started out as market economies.
C) began as mixed economies.
D) have become mixed economies.
Answer: A
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Increasing opportunity cost while moving along a production possibilities frontier is the result of
A) taxes. B) firms' needs to produce profits. C) the fact that it is more difficult to use resources efficiently the more society produces. D) the fact that resources are not equally productive in alternative uses.
In the above table, what is the average variable cost to produce 4 units of output?
Which of the following is a key characteristic of economic freedom?
What will be an ideal response?
Liberal and conservative economists agree more often on policy prescriptions than most noneconomists think they do.
Answer the following statement true (T) or false (F)