An economic system in which ritual, habit, and custom dictate most economic and social behavior
a. command economy
b. traditional economy
c. market economy
d. free enterprise economy
Answer: b. traditional economy
You might also like to view...
An increase in the expected future domestic exchange rate causes the demand for domestic assets to shift to the ________ and the domestic currency to ________, everything else held constant
A) right; appreciate B) right; depreciate C) left; appreciate D) left; depreciate
Which of the following could be considered a macroeconomic issue?
A. T-Mobile and MetroPCS finalize a merger. B. Twinkies goes bankrupt, and the entire snack industry experiences losses. C. The unemployment rate in the US falls to 7.5 percent from 7.7 percent during the month of June. D. The decision of Microsoft to offer a free upgrade to Windows 10.
John is trying to decide how to divide his time between his job as a stocker in the local grocery store, which pays $7 per hour for as many hours as he chooses to work, and cleaning windows for the businesses downtown. He makes $2 for every window he cleans. John is indifferent between the two tasks, and the number of windows he can clean depends on how many hours he spends cleaning in a day, as shown in the accompanying table.Time cleaning windows (hours/day)Total number of windows cleaned0017211314416517 If we plot John's opportunity cost per window on the vertical axis and the number of windows cleaned each day on the horizontal axis, we will have John's ________ curve for window-cleaning services.
A. supply B. production possibilities C. benefit D. demand
The value of a household's assets minus the value of its liabilities is called
A. stock. B. wealth. C. income. D. debt.