Which of the following statements is true?
A. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute it.
B. Planned economies have fared very well in recent years, with many of these economies thriving.
C. Command economies operate the most efficiently because the government makes all the production decisions.
D. In command economies consumers still exercise choice.
Answer: D
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Economists use game theory to analyze strategic behavior, which takes into account
A) monopoly situations. B) the expected behavior of others and the recognition of mutual interdependence. C) the price-taking behavior of oligopolists. D) non-price competition. E) that increased demand decreases the market power of the firms in the market.
Which of the following statements is true of a monopolist's supply curve?
A) The supply curve is vertical. B) The supply curve is upward sloping. C) The supply curve is downward sloping. D) A monopolist does not have a supply curve.
In the fooling model, AD/SAS equilibria to the left of LAS are unstable because ________ nominal wages shift ________
A) falling, AD downward B) falling, SAS downward C) rising, AD upward D) rising, SAS upward
Which of the following would be considered open-access common property?
A) a library B) the world wide web C) a company gym D) broadcast television