In the mercantilist system:
A. markets, rather than political forces, make the central economic decisions.
B. governments let the market decide what to produce.
C. serfs make the central economic decisions.
D. governments distributed the rights to produce.
Answer: D
You might also like to view...
Which line in the figure shows a more elastic supply for euros?
A) Line S B) Line S' C) There elasticities are the same. D) This cannot be determined from the graph.
Quotas usually lead to larger deadweight losses than tariffs
Indicate whether the statement is true or false
Refer to Figure f. A benefit function is plotted in Figure f. The letter B represents the:
A. risk premium of the consumption bundle.
B. expected utility of the consumption bundle.
C. certainty equivalent of the consumption bundle.
D. expected consumption.
If production involves decreasing opportunity cost, the production possibilities curve
a. is "bowed inward." b. is a straight line. c. is "bowed outward." d. is a wavy line. e. has an unpredictable shape.