Which of the following is an example of a pure market economy?
a. United States
b. Switzerland
c. Singapore
d. No nation has a pure market economy
d
You might also like to view...
Refer to the following graph. An increase in supply is reflected as
a. a shift of the supply curve from S to S2.
b. a shift of the supply curve from S to S1.
c. a shift of the supply curve from S1 to S2.
b. a change in the quantity supplied from 6.8 to 5.2 million minutes when price is $12.50.
Figure 11-2
?
Which graph in Figure 11-2 best reflects a Keynesian’s view of the impact of raising taxes on saving?
A. 1 B. 2 C. 3 D. 4
Rent seeking is the actions of
A) individuals and groups who spend resources to influence public policy in the hope of redistributing income to themselves from others. B) a subset of the population that hold intense preferences for a particular government service. C) some citizens who choose not to acquire information because the costs of acquiring the information are greater than the benefits. D) politicians who exchange votes to gain support for their own legislation.
Because the demand for agricultural products is highly price-inelastic, a modest increase in supply will cause:
A. Relatively large declines in farm prices and incomes B. Relatively large increases in farm prices and incomes C. A small decline in farm prices, but an increase in farm incomes D. A large decline in farm prices, but an increase in farm incomes