Under the old Soviet version of communism in the U.S.S.R., the questions of 'What?', 'How?', and 'For whom?' were answered by
A. a democratically elected congress called the Duma.
B. the law of supply and demand.
C. the decisions of hundreds of millions of individual consumers.
D. a government planning committee.
D. a government planning committee.
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When there is a current account deficit and the official settlements account equals 0, then
A) exports exceed imports for the country. B) the country is an exporter of capital. C) the capital and financial account has a surplus. D) the country has a budget surplus.
Stockholders normally obtain higher expected payments than bondholders because
a. they are required by law to obtain a higher return. b. they face higher risk. c. the profit share declared as stock dividends is not taxable. d. they vote themselves higher returns.
According to the equation of exchange, changes in the money supply can affect:
A. only the velocity of money. B. both the price level and real output. C. only real output and employment. D. only the price level.
The substitution effect of a wage rate decrease suggests that
A. individuals will supply less work. B. individuals will consume less leisure. C. individuals will supply more work and consume less leisure. D. individuals will supply more work.