An economic system in which the government decides what, how, and for whom to produce, directs workers to jobs, and owns all the land and capital is
A) centrally planned socialism.
B) market capitalism.
C) mixed economy.
D) supported by economists as the best system available.
A
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Many late 19th century managerial innovations were first developed by
a. the automobile industry. b. the railroads. c. the textile industry. d. the iron and steel industries.
Price elasticity of demand refers to the:
a. percentage increase in price in response to a percentage increase in quantity demanded. b. percentage decrease in price in response to a percentage increase in income. c. minimum amount that consumers will pay for a percentage change in quantity demanded or supplied. d. responsiveness of quantity demanded to a change in the price of a good.
Governments can grant private property rights over resources that were previously viewed as public, such as fish or elephants. Why would governments want to do so?
a. to prevent overuse b. to decrease taxes c. to fight poverty d. to increase consumption
If global pollution causes climatic changes that permanently harm crop production worldwide, aggregate supply and demand analysis would lead us to expect _____
Fill in the blank(s) with the appropriate word(s).