The term "socialism" refers to which of the following?
a. An economic system characterized by voluntary allocation.
b. A religion centered on community interaction.
c. An economic system characterized by private ownership of resources, and decentralized market-price allocation.
d. An economic system characterized by government ownership of resources and centralized allocation.
d
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Which of the following would not be considered physical capital?
A. An optical lens B. A trained physicist C. A spotlight D. A clipboard
Public goods, like national defense, are usually funded through government because: a. no one cares about them, because they are public
b. it is prohibitively difficult to withhold national defense from someone unwilling to pay for it. c. they cost too much for private firms to produce them. d. they provide benefits only to individuals, and not firms.
A positive externality ________
A) gives rise to external benefits B) leads to increasing returns to scale C) imposes an additional cost on the society D) leads to higher economic profit
Refer to the production possibility graph above. Assume that the economy is in equilibrium at point e. If there is an increase in the wage rate, the new equilibrium is most likely to be
A) point e. B) point d. C) point f. D) point h. E) point b.