Which of the following is a distinguishing feature of a command system?
A. Private ownership of all capital.
B. Central planning.
C. Heavy reliance on markets.
D. Widespread dispersion of economic power.
Answer: B
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There are very few gasoline stations in the downtown areas of large cities basically because
A) it would be too dangerous. B) it would be an inefficient use of land for the land's owners. C) most people don't want to buy gasoline while they are downtown. D) zoning laws prohibit it.
Suppose demand for a good is QD = 100 - P and supply is QS = -20 + P. What is the amount consumers pay producers?
a. 60 b. 2400 c. 3600 d. 6400
Regarding the nation's money supply, the Federal Reserve
A. precisely sets the amount of money in circulation in consultation with the Congress. B. gives the U.S. Treasury the authority to print as much as it wishes. C. has no ability to influence its magnitude or its rate of growth. D. has a major impact on its rate of growth.
Surplus agricultural labor in a developing nation usually means that there is:
A. A caste system B. Widespread under-employment C. Immobility of labor resources D. Increased investment in agriculture