The questions of what to produce, how to produce, and for whom are answered by
a. free-market economies.
b. economies that are a mixture of planning and markets.
c. command economies.
d. all economic systems in some manner.
d
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Refer to Figure 29-2. Which of the events below cause the shifts in the supply and demand curves in the market for dollars against the British pound shown in the graph above?
A) Real income rises in the United States. B) Interest rates rise in England. C) Interest rates rise in the United States. D) Real income falls in England.
The economic role of the legal system might best be described as
A. establishing the "rules of the game" and acting as a referee when disputes arise among market participants. B. identifying and producing merit goods. C. promoting the productive efficiency of competitive markets. D. identifying and producing public goods.
Related to the Economics in Practice on p. 666: When a country opens its markets to free trade, competition ________ and efficiency ________.
A. grows; improves B. grows; declines C. decreases; declines D. decreases; improves
The debtor obligated to debt repayments larger than his greatest possible earnings
A. could be imprisoned under current U.S. bankruptcy law. B. has little incentive to work in order to repay the debt. C. will repay the debt in order to avoid being called a "deadbeat." D. will have to work overtime or a second job to repay the debt.