The U.S. economy represents what kind on econometric system?
A) Socialistic B) Capitalistic C) Mixed D) Communistic
Answer: C
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Refer to Figure 8.3. Holding other variables constant, if the economy is originally in equilibrium at the intersection of D2 and S2 and households increase their preference for leisure over labor, the economy would move to the new equilibrium point
represented by A) w1 and L2. B) w3 and L2. C) w2 and L2. D) w2 and L1.
Money is defined as
a. the currency of a nation. b. anything that is commonly accepted in exchange for other goods and services. c. currency that has been designated as legal tender. d. notes issued by the U.S. Treasury and backed by gold.
If an increase prices increases total revenue in the short run, what will it do to total revenue in the long run?
a. It will decrease total revenue in the long run b. It will increase total revenue in the long run. c. It will leave total revenue unchanged in the long run. d. Any of the above results are possible in the long run.
In order to make an optimal choice, we must use
A. percentage analysis. B. total analysis. C. average analysis. D. marginal analysis.