Market economy vs. command economy
What will be an ideal response?
A market economy used comparative advantage, opportunity cost, property cost, etc. to determine what, how, and who gets output; in a command economy if markets don't show you how to produce who does and how does it work?
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The Ricardian two-country two-good model predicts that there are potential benefits from trade, but NOT
A) the effect of trade on income distribution. B) the mechanism that determines which country will specialize in which good. C) when one country has an absolute advantage in the production of both goods. D) when one country has significantly lower wages than the other country. E) when both countries have the same types of technology available.
A tax of 20 percent per unit of imported garlic is an example of a(n)
A) specific tariff. B) ad valorem tariff. C) nominal tariff. D) effective protection tariff. E) a disadvantageous tariff
If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing access fee is ________ the consumer surplus.
A) greater than B) equal to C) less than D) exactly double
The Contract Labor Law, which was passed in 1864 and repealed in 1868,
a. authorized labor contracts made abroad between American companies and foreign workers. b. resulted in a large increase in European immigration to the U.S. c. was supported by American wage earners. d. authorized workers to strike and engage in collective bargaining.