Central planning is a key characteristic of which economic system?
A) free market
B) price system
C) command and control
D) mixed economic system
C
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Assuming demand is inelastic, if a firm wants to increase its total revenue, it should raise price
Indicate whether the statement is true or false
Suppose the actual federal funds rate is below the rate implied by a particular inflation goal. In this situation, the Taylor rule implies that
A) monetary policy is expansionary. B) monetary policy is contractionary. C) monetary policy is neither expansionary or contractionary. D) fiscal policy is contractionary.
One of the reasons that price elasticities of demand are always stated as positive numbers is because:
a. the numerators and denominators of the formula are both negative. b. the numerators and denominators of the formula are both positive. c. price increases always lead to increases in quantity demanded. d. price decreases always lead to decreases in quantity demanded. e. price elasticities are always negative, so we ignore the sign.
___________ is the payoff/earnings from a particular gamble.
Fill in the blank(s) with the appropriate word(s).