The economy of North Korea would best be classified as:
A. a command system.
B. a capitalist economy.
C. a market system.
D. a laissez-faire economy.
Answer: A
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At all the points below the midpoint on a linear demand curve, the value of price elasticity of demand is:
A) zero. B) greater than one. C) less than one. D) equal to one.
Fred Jaher reported to the government interviewer that he worked 40 hours last week as a stocker at a Target department store. He also said that he has a Ph.D. in history and had hoped to be a history professor. With all this information, we know that Fred is
a. a member of the labor force who is underemployed b. a member of the labor force who is structurally unemployed c. a member of the labor force who is frictionally unemployed d. a discouraged worker who is not a member of the labor force e. not a member of the labor force because he is not working at his capacity
One way the government can boost the economy out of a recession is:
A. with public announcements telling the public to save their money. B. by increasing government spending. C. by setting price ceilings on most goods so people can afford them. D. None of these will help an economy in recession.
Using all available resources, if a farmer can produce either 65 cantaloupes or 70 watermelons, what is the opportunity cost of one cantaloupe to the farmer?