In a socialistic system, most economic decisions are made by:
A. firms.
B. consumers.
C. stockholders.
D. government planners.
Answer: D
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Property that is owned by everyone and therefore by no one in particular is referred to as
A) common property. B) social property. C) private property. D) commercial property.
Classical economists believe that:
a. velocity is not constant. b. changes in the money supply affect real GDP. c. the quantity of money explains prices. d. the money supply affects velocity.
If the government provides universal health? insurance, what screening process will the government? need?
A. It? won't need a screening test. B. It? won't use screening tests but it will use signals. C. It will only give health insurance to nonminussmokers. D. It? won't use screening tests but it will use statistical discrimination.
The final consumer demand for chicken (normal good) in China will NOT shift if
A. consumer income decreases. B. more consumers are present in the market. C. the price of chicken decreases. D. either A or B occurs.