Private ownership of most of the means of production is common to
A. capitalism and communism.
B. capitalism and fascism.
C. capitalism and socialism.
D. fascism and communism.
B. capitalism and fascism.
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People who are only working part-time, but want to be working full-time, are classified officially as
A) unemployed and out of the labor force. B) employed and out of the labor force. C) employed and in the labor force. D) unemployed and in the labor force.
People hold money as opposed to financial assets because money
A) earns interest. B) earns no interest. C) is perfectly liquid. D) earns a higher return than other financial assets.
One of the problems with the definition of economic growth is that
A) it overstates economic growth because it does not account for leisure time. B) it does not account for the distribution of income. C) it overstates economic growth because it does not account for the reduction in work time. D) it understates economic growth because it does not account for the reduction in work time.
Which of the following would prevent a market from being classified as perfectly competitive?
a. there are many buyers and sellers in the market b. it is easy for new firms to enter the market c. it is easy for existing firms to exit the market d. buyers perceive significant differences among the products of different sellers e. each buyer purchases only a tiny fraction of the total market quantity