Capitalism and free enterprise are common, and the United States
A. has just begun to move in that direction after years of central planning.
B. has gone further in that direction than almost any other country.
C. is becoming more “free,” but is not as capitalistic as many others.
D. is considering a major change to “free up” its economy as many others have.
E. is leading the move toward greater central planning and control.
Answer: B
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Monetary policy is controlled by..
What will be an ideal response?
Suppose that goods A and B are close substitutes and the price of good B falls. We would then expect an:
a. Increase in the quantity demanded of good B and a decrease in the demand for good A b. Increase in the demand for good A and a decrease in the quantity demanded for good B c. Increase in the demand for good A and the quantity demanded for good B d. Increase in the demand for goods A and B
Monopolies and oligopolies both erect barriers to entry through the use of
A) price cutting. B) patents. C) franchising. D) advertising.
Firms maximize profit when
A) the additional benefit from producing a good equals the additional cost of producing that good. B) MR = MC. C) the derivative of the profit function with respect to output is zero. D) All of the above.