A market economy is an economy where:
a. economic decisions are passed down from government authority and resources are owned by the government.
b. economic decisions are economic decisions are centralized, resources are owned by private individuals, and businesses supply goods and services based on demand.
c. economic decisions are decentralized, resources are owned by private individuals, and businesses supply goods and services based on demand.
d. economic decisions are passed down from government authority and resources are owned by individuals.
c. economic decisions are decentralized, resources are owned by private individuals, and businesses supply goods and services based on demand.
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Holding other things constant, if the US dollar appreciates, it makes the US exports
a. Less attractive to foreigners b. More attractive to foreigners c. Neither more nor less attractive to foreigners d. None of the above
The formula for AVC is
A. ?TVC/?q. B. ?q/?TVC. C. TVC/q. D. q/TVC.
Local electric or gas utility companies mostly operate in which market structure?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly
Lower marginal tax rates increase the breakeven level of income faced by welfare recipients.
Answer the following statement true (T) or false (F)