In a command economy, _____
a. buyers and sellers get together to make economic decisions about the four fundamental economic questions
b. an exchange is made without any agreement on immediate or future rewards
c. the government makes economic decisions about the four fundamental economic questions
d. goods and services are directly exchanged for other goods or services
c
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If the golfers at Green Golf all have identical demands and Green Golf practices two-part pricing, the profit-maximizing access fee is ________ the consumer surplus.
A) greater than B) equal to C) less than D) exactly double
Which of the following occupations is not among the ten projected fastest-growing U.S. occupations in terms of percentage increases?
A. School teachers. B. Biomedical engineers. C. Physical therapist assistants. D. Personal care aides.
Goods whose income elasticities are negative are called
A) normal goods. B) superior goods. C) inferior goods. D) complements.
In the HO model, the production possibility frontier is bowed out due to the assumption of
A) identical tastes. B) different factor intensities in the production of the two goods. C) increasing returns to scale. D) Two of the above.