An economy in which a central authority makes most of the economic decisions is known as a
a. market economy.
b. laissez-faire economy.
c. command economy.
d. traditional economy.
c. command economy.
You might also like to view...
Which of the following bonds are considered to be default-risk free?
A) municipal bonds B) investment-grade bonds C) U.S. Treasury bonds D) junk bonds
The natural rate of unemployment can change over time. Predict how you think the natural rate of unemployment will change during your lifetime. Explain how you arrived at your conclusion.
What will be an ideal response?
Refer to the graph shown.
A movement from points A to B represents a(n):
A. upturn. B. downturn. C. trough. D. peak.
It is assumed in economics that people make decisions based upon
A) altruism. B) rational self-interest. C) tradition. D) perfect information about every aspect of the world.