Market economies are distinguished from other types of economies largely on the basis of
a. the political affiliations of government officials.
b. the process by which government officials are elected or appointed.
c. the ways in which scarce resources are allocated.
d. the number of retail outlets available to consumers.
c
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Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, the resulting deadweight loss will be
A) $1.50. B) $200. C) $150. D) $300. E) $600.
Pollution taxes always cause deadweight losses, reducing economic efficiency
a. True b. False Indicate whether the statement is true or false
The largest component of our M1 money supply is
a. currency b. travelers' checks c. savings accounts d. money market accounts e. demand deposits and other checkable deposits
Which one of the following would count as investment in the GDP accounts?
A. Purchase of a new airplane by an airline. B. Purchase of a U.S. government bond. C. Purchase of 100 shares of Wal-Mart stock. D. Purchase of an existing house.