In what geographic areas would a market-oriented system that remains closer to the command economy end of the spectrum most likely be found?
a. parts of Asia, Africa, and South America
b. Cuba and North Korea
c. Europe and the United States
d. China and Russia
d. China and Russia
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Refer to the above figure. The equilibrium price and quantity are
A) $2 and 12 units. B) $6 and 9 units. C) $8 and 6 units. D) $10 and 1 unit.
A monopolist produces where P > MC = MR
a. True b. False Indicate whether the statement is true or false
A profit-maximizing firm in a monopolistically competitive market differs from a firm in a perfectly competitive market because the firm in the monopolistically competitive market
a. chooses its profit-maximizing quantity where marginal revenue equals marginal cost. b. sells its product in a highly-concentrated market. c. faces a downward-sloping demand curve for its product. d. can earn profits in the long run.
Refer to the table shown.BotswanaZimbabweGoldNickelGoldNickel030009060200186012010036301800540Botswana's opportunity cost of producing nickel (in terms of gold) is:
A. 60. B. 3/5. C. 5/3. D. 100.