A system of economic organization in which the ownership and control of productive capital assets rests with the state and in which resources are allocated through central planning and political decision making is called
What will be an ideal response?
socialism
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. At a quantity of 4,000 pounds
A) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently low. B) the marginal benefit of pecans is greater than the marginal cost; therefore, output is inefficiently high. C) the marginal cost of pecans is greater than the marginal benefit; therefore, output is inefficiently low. D) producers should raise the price to $9 in order to sell the quantity demanded of 4,000.
In the case of errors-in-variables bias,
A) maximum likelihood estimation must be used. B) the OLS estimator is consistent if the variance in the unobservable variable is relatively large compared to variance in the measurement error. C) the OLS estimator is consistent, but no longer unbiased in small samples. D) binary variables should not be used as independent variables.
River City has a working age population of 20 million. Of those, 11 million are employed and 1 million are unemployed. The unemployment rate is ________ and the participation rate is __________.
A. 5%; 60%. B. 5%; 55%. C. 8.3%; 55%. D. 8.3%; 60%.
The essential feature of the market mechanism is the price signal.
Answer the following statement true (T) or false (F)