Answer the following statements true (T) or false (F)
1. A considerable degree of government control of production and distribution exists in a command economy.
2. The profit motive is one characteristic of a command economy.
3. Competition serves as a regulator in a market economy.
4. In a market economy, prices serve as a rationing mechanism.
1. TRUE
2. FALSE
3. TRUE
4. TRUE
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Today, unions play a larger role in Europe than they do in the U.S
a. True b. False Indicate whether the statement is true or false
What do clean air in New York City and elephants in Africa have in common?
a. They are both common resources. b. They are both public goods. c. They are both club goods. d. Both are excludable.
In Figure 23.3, diagram "a" presents the cost curves that are relevant to a firm's production decision, and diagram "b" shows the market demand and supply curves for the market. Use both diagrams to answer the following question: In Figure 23.3, the price at which a firm makes zero economic profits is
A. p1. B. p2. C. p3. D. p4.
How could the existence of an unemployment insurance system or other transfer programs have reduced the severity of the Great Depression?
What will be an ideal response?