A centrally planned economy has a planning authority that decides:
A. what products to produce.
B. how the products are produced.
C. who receives the products.
D. All of these.
Answer: D
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A labor union that consists of workers from a particular industry is a(n)
A) closed shop. B) industrial union. C) union shop. D) bilateral monopoly.
Which one of the following statements is true?
a. Resources flow from the government to households. b. Resources flow from firms to households. c. Taxes flow from firms to the government. d. Resource payments flow from firms to households e. Imports flow from firms to foreign economies.
Pure monopoly is not studied because of its descriptive realism, but because it is a stepping stone toward more realistic models
a. True b. False Indicate whether the statement is true or false
A change in the supply of one factor of production
a. can alter the earnings of all of the other factors. b. alters the earnings of capital and labor but not land. c. will not change the marginal productivities of other factors but may change their prices. d. alters the earnings of that factor only.