Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants.
B. Government sets the prices.
C. The government decides how much of each good should be produced.
D. All of these statements are characteristics of centrally planned economy.
A. Consumers vote with their dollars thus guiding resources to produce what the society wants.
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Suppose the fixed cost of Christmas trees business is $7,000 and sunk. The variable cost for each tree is $20. According to the forecast, the market price for Christmas trees is $25 each and the owner could sell 1000 trees at most each year
The owner A) should shut down the business. B) should keep operating. C) should sell less. D) None of the above.
A commitment device is:
A. an arrangement entered into by an individual with the aim of helping fulfill a plan for future behavior that would otherwise be difficult. B. a way to deal with time inconsistency. C. something that helps people conquer their vices. D. All of these are true.
Which of the following is NOT an example of investment in human capital?
A. a business student's internship B. A mechanic attends a training workshop on a new type of engine. C. Johnny learns how to read. D. a mobile device for work
An increase in the price of off-road vehicles will result in
A) a smaller quantity of off-road vehicles supplied. B) a larger quantity of off-road vehicles supplied. C) an increase in the demand for off-road vehicles. D) a decrease in the supply of off-road vehicles.