Why did Communist governments use a command economic system for many years?
a. as a way to avoid the expense and difficulties of a free market
b. as a method of keeping consumers from getting what they wanted
c. to limit the costs of production of many goods
d. in an attempt to create a society in which everyone was equal
Answer: in an attempt to create a society in which everyone was equal
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The longest contraction in American history occurred
A) during the 1870s. B) in the years right before World War I began. C) during the 1930s. D) during the 1970s.
Which of the following are the most frequently utilized tools of fiscal policy in the United States?
a. Indirect business taxes b. Corporate income taxes c. Inheritance taxes d. Personal income taxes
Some economists say that "full employment" exists in an economy when:
a. cyclical unemployment is 2 percent. b. cyclical unemployment is 4 to 6 percent. c. frictional unemployment is zero. d. the unemployment rate is 4 to 7 percent. e. the natural unemployment rate is zero.
Briefly identify one activity that is part of the product market, and explain why.
What will be an ideal response?