Socialism is correctly described by which of the following statements?
a. Central planning is used exclusively to answer the basic economic questions.
b. Markets are used exclusively to answer the basic economic questions.
c. Tradition is used exclusively to answer the basic economic questions.
d. Government ownership of many resources and centralized decision-making answers the basic economic questions.
d
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An increase in real GDP leads to
A) a movement upward along the demand for money curve but no shift of the curve. B) a movement downward along the demand for money curve but no shift of the curve. C) neither a shift in the demand for money curve nor a movement along the curve. D) a leftward shift in the demand for money curve. E) a rightward shift in the demand for money curve.
About ________ of research on new medicines is carried out in the United States
A) 10 percent B) one-half C) two-thirds D) 90 percent
Consumers are sovereign when
A) prices are decided by sellers. B) a few consumers exercise coercion on sellers and other consumers. C) they can prevent market failure. D) they have the freedom to decide what they wish to purchase.
The law of diminishing returns applies to which of the following segments of the marginal product of labor curve?
a. The point where labor input is zero. b. The downward-sloping segment only. c. The entire curve. d. The upward sloping segment only.