The Soviet Union economy of the 1980s would best be classified as:
A. a command system.
B. laissez-faire capitalism.
C. a market system.
D. pure capitalism.
Answer: A
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Horizontal equity incorporates the notion that
A. those earning higher incomes should pay more in taxes. B. those earning equal incomes should pay the same in taxes. C. taxes paid should be unassociated with income levels. D. there should be no excess burden created by a tax.
If government intervention fails to improve economic outcomes, the result is known as:
a) Mixed economy failure. b) Market failure. c) Government failure. d) Laissez faire.
Which of the following would not cause the investment demand curve to shift?
A. animal spirits (expectations) B. technological change C. change in business taxes D. change in the interest rate
Which of the following is not a necessary characteristic of a purely competitive industry?
A. The industry- or market demand is highly elastic B. Firms can enter or leave the industry C. There are so many firms that none can influence market price D. Consumers see no difference between the product of one firm and that of another