A basic characteristic of a command system is that:
A. government planners play a limited role in deciding what goods will be produced.
B. wages paid to labor are higher.
C. government owns most economic resources.
D. markets function mostly free from government intervention.
Answer: C
You might also like to view...
A firm's inventory piled up during a recession. How will its labor demand be affected when its excess inventory gets sold off eventually?
What will be an ideal response?
All games have which features?
A) prices, rules, and payoffs B) rules, markets, and prices C) rules, strategies, and payoffs D) rules, strategies, and costs E) equilibrium, prices, and quantities
Workers displaced due to technological change usually find it difficult to get new jobs
a. True b. False Indicate whether the statement is true or false
Following adjustments to a new equilibrium in a market, the equilibrium quantity remains unchanged, but the market clearing price is now lower. Which of the following could definitely have caused this outcome?
A) Demand and supply both increased. B) Demand and supply both decreased. C) Demand increased, and supply decreased. D) Demand decreased, and supply increased.