In reality, all economic systems are
A. mixed.
B. capitalistic.
C. democratic.
D. socialistic.
A. mixed.
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The supply of labor generally is considered to be downward-sloping because the opportunity cost of leisure decreases as wages increase.
Answer the following statement true (T) or false (F)
Which of the following statements is true?
A. The use of 2SLS is applicable to simultaneous equations model with at most two equations. B. Identification of simultaneous equations with three or more equations is based on matrix algebra. C. 2SLS method used in the estimation of simultaneous equations is an example of a system estimation method. D. The maximum number of equations permissible for a simultaneous equations model is four.
Platform businesses often don't charge people for their product. They do this because:
A. they earn income by mining the data they collect. B. they are paid by government. C. serving the public is what is meant by platform. D. they gain goodwill by not charging for their product.
The antitrust laws are based on the:
A. creative destruction view of competition. B. idea that competition leads to greater economic efficiency than does a monopoly. C. view that nonprice competition should be strictly regulated by government. D. view that all negative externalities should be eliminated by government action.