Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants.
B. Government sets the prices.
C. The government decides how much of each good should be produced.
D. All of these statements are characteristics of centrally planned economy.
A. Consumers vote with their dollars thus guiding resources to produce what the
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Which of the following statements is true when wages are above the market clearing wage?
A) The larger the gap between the current market wage and the market clearing wage, greater will be the amount of unemployment. B) At wage rates above the market clearing wage rate, there is an excess demand for workers. C) At wage rates below the market clearing wage rate, there is an excess supply of workers. D) The larger the gap between the current market wage and the market clearing wage, smaller will be the amount of unemployment.
If you purchased a newly issued 30-year bond from American Airlines with a face value of $1,000 and a coupon payment of 3 percent, American Airlines would pay you
A) $33.33 per year plus 3 percent per year for 30 years. B) $30 per year for 30 years. C) $30 per year for 30 years plus $1,000 at the end of the 30th year. D) $33.33 per year for 30 years plus $1,000 at the end of the 30th year.
Which of the following expeditions is associated with Bartholomeu Dias?
a. Rounding the Cape of Good Hope b. Sailing from Portugal to India and back to Portugal c. Sailing around the world d. Reaching South America e. Exploring the interior landmass of Canada
Suppose that a worker in Country A can make either 10 iPods or 5 tablets each year. Country A has 100 workers. Suppose a worker in Country B can make either 2 iPods or 10 tablets each year. Country B has 200 workers. Country B would be using resources efficiently if they were producing:
A. (200 iPods, 1,750 tablets). B. (200 iPods, 1,500 tablets). C. (200 iPods, 1,000 tablets). D. (200 iPods, 750 tablets).