________ is one of the countries closest to having a planned economy, and ________ is one of the countries closest to having a market economy.
A) Russia; Singapore
B) India; Norway
C) Russia; Norway
D) Cuba; Singapore
E) Canada; China
D) Cuba; Singapore
Explanation: D) According to Figure 2.1, Cuba is at the end of the spectrum closest to a planned economy, and Singapore is at the end of the spectrum closest to a market economy.
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The makers of the movie Titanic have some monopoly power over this film because the
A) movie is patented. B) name Titanic is trademarked. C) movie is protected by copyright law. D) government has issued the maker of this movie a public franchise. E) owner never price discriminated in marketing the movie.
As a result of the imposition of a tax on a product: a. some consumer surplus is transferred from buyers to producers
b. some producer surplus is transferred from sellers to consumers. c. some consumer and producer surplus is transferred from buyers and sellers to the government. d. there is no change in either consumer or producer surplus.
Figure 10-18
As shown in , the economy's point of short-run equilibrium, given by the shift of the aggregate demand curve from AD1 to AD2, is
a.
E1.
b.
E2.
c.
E3.
d.
unable to be determined.
When the labor market is at full employment
A) there is only cyclical unemployment in the economy. B) there is only structural unemployment in the economy. C) the unemployment rate is 0%. D) there is no cyclical unemployment in the economy.