In contrast to the capitalism of the early Industrial Revolution, both feudalism and mercantilism:
A. relied less on state intervention to promote economic growth.
B. had stronger central government intervention in economic life.
C. expected tradition to answer the central coordination problems.
D. relied less on the invisible hand to coordinate economic decisions.
Answer: D
You might also like to view...
The interest rate that describes how well a lender has done in real terms after the fact is called the
A) ex post real interest rate. B) ex ante real interest rate. C) ex post nominal interest rate. D) ex ante nominal interest rate.
George and Susan work at the same brewery. George works in advertising. Susan works as a forewoman in the bottling plant. George is paid more than Susan
a. Because the male worker earns a higher salary than the female worker, the employer must be discriminating against women. b. If George has better performance reviews than Susan, the company might be rewarding George for his high productivity. c. If forepersons at bottling plants typically earn more than employees in the advertising department, then the brewery must be discriminating against women. d. George might be earning more because he works the day shift while Susan works the night shift.
A production possibilities curve has "good X" on the horizontal axis and "good Y" on the vertical axis. On this diagram, the opportunity cost of good X, in terms of good Y, is represented by the:
A. distance to the curve from the horizontal axis. B. distance to the curve from the vertical axis. C. distance from the origin to the curve. D. change in Y for each change in X along the curve.
In which of the following industry structures is the entry of new firms the most difficult?
A. Pure monopoly. B. Oligopoly. C. Monopolistic competition. D. Pure competition.