An economic system in which a central authority makes all economic decisions
a. command economy
b. traditional economy
c. market economy
d. free enterprise economy
Ans: a. command economy
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A man can rewire a house in 12 hours and can panel a room in 15 hours, and his teenage son can rewire a house in 18 hours and can panel a room in 16 hours. Who is more efficient in rewiring a house, and who is more efficient in paneling a room?
a. The father is more efficient at both activities. b. The father is more efficient at rewiring a house, and the son is more efficient at paneling a room. c. The father is more efficient at paneling a room, and the son is more efficient at rewiring a house. d. The two are equally efficient at both activities.
Figure 5-5 shows a consumer budget line for French fries and hamburgers. If the household has $20 to spend, the price of hamburgers is
A. $1. B. $2. C. $4. D. $2.50.
Which of the following is an argument in favor of the liberalization?
(a) Increased technical efficiency. (b) Accelerated technical progress. (c) Decreased shortages of foreign exchange. (d) All of the above. (e) both (a) and (b) are correct.
Unions often have the power to push wages above competitive levels
a. True b. False Indicate whether the statement is true or false