One of the reasons that communism failed in the Soviet Union is that, under communism:
a. no one had property rights, so there was little incentive to use resources efficiently.
b. there were high rates of unemployment and homelessness accompanied by a high rate of inflation.
c. planners did not have all the information necessary to make efficient decisions.
d. there was a high degree of political freedom.
e. there was a high degree of economic freedom.
a
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A recessionary gap occurs when
A) aggregate demand falls, but other things remain constant. B) the short-run equilibrium level of real GDP is less than the level consistent with the long-run aggregate supply curve. C) the short-run equilibrium level of real GDP is greater than the level consistent with the long-run aggregate supply curve. D) short-run aggregate supply falls, but other things remain constant.
The ________ of a project is the sum of all costs and benefits associated with the project, using present values to make the costs and benefits comparable
A) discounted value B) cumulative present value C) net present value D) gross present value
What is the timeline for the U.S. federal budget each year? When does a fiscal year begin and end?
What will be an ideal response?
The ratio between the percentage change in the quantity demanded (Qd) or supplied (Qs) and the corresponding percentage change in price is called:
a. price elasticity. b. cost elasticity. c. demand elasticity. d. supply elasticity.