Price is the coordinating mechanism in a planned economy.
Answer the following statement true (T) or false (F)
False
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The largest component of household consumption spending is expenditures on:
a. services. b. durable goods. c. nondurable goods. d. food. e. transportation.
Points on the IS curve satisfy ________ market equilibrium
A) money B) goods C) stock D) bond
A budget line shows: a. the combinations of two goods that yield the same level of utility
b. the relationship between the price and the quantity supplied of a good or service. c. the combinations of two goods that can be purchased at given prices with a given level of income. d. the relationship between the price and the quantity demanded of a good or service.
Poverty is most likely to decrease when
A. Population increases regardless of what happens to economic growth. B. Economic growth exceeds population growth. C. Population growth exceeds economic growth. D. GDP increases regardless of what happens to population growth.