Socialism is an economic system characterized by:
a. private ownership of resources and market decision-making.
b. government ownership of resources and centralized decision-making.
c. cooperation, sharing, and little central government.
d. a complex structure of rules and traditions that dictates decision-making.
b
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According to the traditional Keynesian analysis, if the government increases spending and pays for all of it by raising current taxes, then
A) a budget surplus will occur. B) aggregate demand will increase. C) a budget deficit will occur. D) aggregate demand will decrease.
Judging from their statements, which of the following people is most likely to support supply-side economic policies?
a. Savana, who says government should increase corporate taxes to make the rich pay their fair share b. Leonardo, who says the government should spend more money to finance social welfare programs c. Brenda, who says government should ease its oversight of most types of businesses d. Octavio, who says the government should tax capital gains at regular income rates
The price of labor in the poultry industry has just increased. For poultry, this will lead to
A. a decrease in price and a decrease in quantity. B. an increase in price and an increase in quantity. C. a decrease in price and an increase in quantity. D. an increase in price and a decrease in quantity.
The U.S. current account deficit improved slightly from 2007 to 2010 because
A) spending on imports fell due to an overall fall in consumption. B) state, local, and federal government budget deficits increased. C) worldwide economic growth spurred U.S. exports. D) capital controls restricted capital inflow.