A socialist economy is characterized by
A. an extensive reliance on markets to allocate final goods and services.
B. an extensive reliance on the profit motive to govern resource allocation decisions.
C. elimination of the problem of scarcity since all basic necessities are available to all citizens.
D. public ownership of productive resources.
D. public ownership of productive resources.
You might also like to view...
Net exports are the sum of
A) the current account balance and capital account balance. B) the balance of payments accounts. C) exports and imports. D) the private sector balance and the government sector balance. E) the current account balance and the official settlements account balance.
Every resource has its price. The price of loanable funds is expressed as
a. the dollar amount of the loanable funds needed to buy capital b. the dollar amount of the new equipment purchased c. the percentage of profit from the added capital d. a rate of interest e. the extra output from adding capital
When employers discriminate, they
a. believe they have a sound economic reason for doing so. b. may pay the price in lost earnings and productivity. c. subject themselves to civil action. d. All of the above are correct.
Which of the following is not a finding of Cox and Alm regarding the gap between rich and poor?
a. The gap shrinks if taxes are taken into account. b. The gap shrinks if consumption, rather than income, is compared. c. The gap shrinks if the number of people in the household is taken into account. d. The gap shrinks if the state of residence is taken into account.