Which one of these is not a characteristic of capitalism?
A. Central planning
B. Private property
C. The price mechanism
D. Competition
A. Central planning
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If the government increases unemployment benefits, then the equilibrium amount of employment ________ and potential GDP ________
A) increases; increases B) does not change; does not change C) increases; decreases D) decreases; decreases E) decreases; increases
The growth of the subprime mortgage market led to
A) increased demand for houses and helped fuel the boom in housing prices. B) a decline in the housing industry because of higher default risk. C) a decrease in home ownership as investors chose other assets over housing. D) decreased demand for houses as the less credit-worthy borrowers could not obtain residential mortgages.
Assume the managers of the two major firms in an industry agree to set the price of their output at a fixed level so as to discourage new entrants into the market. This would be considered a violation of the:
A) Sherman Act of 1890. B) Clayton Act of 1914. C) Federal Trade Commission Act of 1914. D) Celler-Kefauver Act of 1950.
A private good is a good that:
a) Can be denied to those who do not pay for it. b) Consumers use privately in their homes. c) Is financed by private dollars instead of taxes. d) Can be jointly consumed.