Which of the following is a characteristic of a market economy?
A. Government ownership of the means of production
B. Private property
C. Distribution according to need
D. Tradition determines the what, how, and for whom decisions
Answer: B
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When a recession ends,
A) the household sector decreases spending substantially. B) interest rates decrease. C) households decrease spending on durable goods. D) firms increase the amount of borrowing.
The HO model rules out the classical model's basis for trade by assuming that ________ is (are) identical between countries
A) factor endowments B) factor intensities C) technology D) opportunity costs
Games:
A. will always have a dominant strategy. B. are always zero sum. C. will always have several stable outcomes. D. None of the above are true.
High-income people will sometimes pay higher prices at convenience stores for goods that are available at discount stores. They do this because
a. they are irrational b. their opportunity cost of time is low c. crowded and understaffed discount stores impose higher time costs d. they like to be seen paying more money e. they do not mind wasting time