Which of the following societies is the most likely to have a traditional economy?
a. The United States.
b. The Inuit (native people of Northern Canada).
c. Cuba under Castro's rule.
d. Modern-day Hong Kong.
b
You might also like to view...
Use the following figure showing the domestic demand and supply curves for product B in a hypothetical economy to answer the next question.
After trade, at a world price of Pw, the net gain of total economic surplus equals area(s)
A. B + C + E + F. B. B + C. C. A. D. E + F.
Market systems are often referred to as "automatic" or "self-regulating" because they function
A) effectively even when no participant in the system plans ahead. B) effectively in the absence of any laws. C) effectively even when the society is breaking down. D) without an overall, comprehensive plan. E) without the intervention of human beings.
Which of the following is NOT an example of an externality?
A) A bread company emits a wonderful aroma in the air that makes people smile. B) The neighbor's wind chimes interfere with your sleep. C) A firm fires 500 people. D) Cancer-causing chemicals are dumped into the drinking water supply of a city.
A method of allocating scarce resources is a necessary component of
a. all economic systems b. all economic systems except market capitalism c. centrally-planned socialism and market socialism only d. centrally-planned capitalism and market capitalism only e. all economic systems except centrally planned socialism