Which of the following statements is false?
A. The price mechanism is most important under capitalism.
B. The five-year plan was the main economic plan of the former Soviet Union.
C. In most fascist economies, the means of production was left in private hands, with varying degrees of government interference.
D. The main criticism of socialist countries is that they gave their citizens too many benefits.
D. The main criticism of socialist countries is that they gave their citizens too many benefits.
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Monopolistically competitive firms earn zero economic profit in the long run as do perfectly competitive firms. Does this mean that total surplus is maximized in a monopolistically competitive market?
What will be an ideal response?
In the Keynesian model, a build-up of unwanted inventories leads to
A) rising interest rates. B) falling unemployment. C) falling output. D) falling money wages.
The hot-hand fallacy:
A. is the belief that once an event has occurred several times in a row, it is less likely to repeat. B. is the belief that once an event has occurred, it is less likely to repeat. C. is the belief that once an event has occurred several times in a row, it is more likely to repeat. D. is the belief that if an event has never occurred, it is more likely to occur.
The federal government's primary source of revenue is
a. the corporate income tax b. the personal income tax c. property taxes d. sales taxes e. customs duties