In a command economy like the old Soviet Union, one is able to improve one's lot and get ahead in society largely through:
A. Entrepreneurship and risk-taking
B. Innovation and profits
C. Participating in the political hierarchy
D. Getting high prices for one's products and resources
Answer: C
You might also like to view...
This Application emphasizes the importance of
A) economic incentives. B) wealth distribution. C) literacy rates. D) none of the above.
Which of the following will not change the demand for movie tickets?
A) A change in the cost of babysitting services B) A change in the incomes of moviegoers C) A change in the price of movie tickets D) A change in the quality of television programs E) A change in the quality of movies
You are studying with a friend and your friend says "A budget line shows the various combinations of two goods that can be purchased with the buyer's income at current prices." Is your friend's assessment correct or not?
What will be an ideal response?
If real GDP and the GDP deflator both rise, then it must be that nominal GDP rose
a. True b. False Indicate whether the statement is true or false