Private enterprise plays some role in production decisions for
A. all countries in the world.
B. few countries in the world.
C. about half of the countries in the world.
D. most countries in the world.
Answer: D
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If the MPC = 1, the spending multiplier is:
a. infinite. b. zero. c. 10. d. 100. e. 1.
The main reason barter is extremely inefficient is that:
A. it can have very high transactions costs associated with it. B. you have to find someone who both has what you want and wants what you have. C. people and firms have to spend a lot of time looking for mutually agreeable trades. D. All of these are true.
Any change in price along a perfectly inelastic demand curve produces:
A. greater change in the quantity demanded. B. less change in the quantity demanded. C. no change in the quantity demanded. D. infinite change in the quantity demanded.
Each of the following statements describes how the political and legal environment encourages productivity except:
A. Political stability promotes economic growth. B. Well-defined property rights encourage production and saving. C. Price changes in markets give suppliers incentives to supply goods to markets. D. Pay rates determined by a governmental planning agency provide workers with stronger incentives to work hard than market wages.