Which of the following best describes the way resources are allocated in the U.S. economy?
a) By government.
b) By markets.
c) By rules.
d) By regulations.
Answer: b) By markets.
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An economic growth model
A) explains changes in nominal GDP per capita in the short run. B) explains changes in real GDP per capita in the short run. C) explains changes in real GDP per capita in the long run. D) explains changes in nominal GDP per capita in the long run.
As the financial crisis became more severe in 2008, the Federal Reserve undertook a(n) ________ of monetary policy, an effect of which is to ________ inflation
A) contraction; raise B) easing; raise C) contraction; lower D) easing; lower E) none of the above
The instructors at College A are regularly late for their office hours. Based on a theory presented in the textbook, we would predict that the gap between the ______________student tuition and ___________equilibrium tuition is ___________ at College A
A) lower; higher; small B) higher; lower; small C) lower; higher; large D) higher; lower; large
How does the demand curve for a product in a pure monopoly compare to the demand curve for the industry?
a. They intersect in two places. b. They are parallel. c. They are the same. d. They are perpendicular.