Which of the following is a characteristic of capitalism?
A. equality of income
B. government decision-making is preferred to decentralized decision-making
C. market determination of prices and quantity
D. government ownership of all capital
Answer: C
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If the population increases and input prices decrease, the equilibrium quantity of a product will definitely increase
Indicate whether the statement is true or false
The largest source of income for the federal government is
a. individual income taxes. b. corporate taxes. c. tariffs. d. "sin" taxes on alcohol and cigarettes.
Which of the following statements is true?
A) Both efficiency wages and minimum wages increase unemployment. B) Efficiency wages increase unemployment while minimum wages help reduce unemployment. C) Both efficiency wages and minimum wages help reduce unemployment. D) Efficiency wages help reduce unemployment while minimum wages increase unemployment.
Which of the following macroeconomic variables does not vary much over the seasons?
A) The nominal money stock B) The unemployment rate C) The real wage D) Average labor productivity