An economic system is the set of rules that define _______ and _______.
A) resources; prices
B) who gets to vote; when elections will be held
C) market prices; factors of production
D) how an economy's resources are to be owned; how decisions about the resources are to be made
Ans: D) how an economy's resources are to be owned; how decisions about the resources are to be made
You might also like to view...
On a balance sheet, a company's accounts receivable are listed as
A) current liabilities. B) goodwill. C) current assets. D) stockholder's equity.
People derive utility in their lives from consuming goods (all other goods), g, and clean air (measured as the number of particulates removed per m3), a, as measured with the utility function U(g,a) = g0.6a0.4
The price index of consumer goods equals $20 per day. Income equals $1000. What is likely to happen to the number of asthma cases as the price of clean air (abatement cost) increases from $10 to $20? A) Asthma cases decrease because the particulants per m3 increases by 2 units. B) Asthma cases increase because the particulant per m3 decreases by 2 units. C) Asthma cases increase because the particulants per m3 increase by 2 units. D) There is not enough information to answer this question.
For an economy to eliminate inflation once people have begun to anticipate it, _____
a. a passive policy approach must be followed b. the monetary authorities must announce their decisions c. actual inflation must be greater than anticipated inflation d. cold turkey solutions that lead to further inflation must be avoided e. a recession will have to be endured until expectations have been reduced
On average, middle-aged people tend to have higher incomes than younger or older people do because: a. they receive more money from the government than younger or older people do. b. they are at an age where their productivity is at its peak
c. they participate in the labor force to a lesser extent than do the young or the old. d. they are subject to lower rates of taxation than are younger or older workers.