The questions of what to produce, how to produce, and for whom are answered by
A. free-market economies.
B. economies that are a mixture of planning and markets.
C. command economies.
D. all economic systems in some manner.
Answer: D
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A hypothesis in an economic model is a statement that ________ about an economic variable
A) is correct B) is incorrect C) may be either correct or incorrect D) can not be proven either correct or incorrect
As firms leave a monopolistically competitive industry that is sustaining economic losses:
A. the demand curves facing the remaining firms in the industry shift to the left. B. total quantity demanded increases for the industry. C. the demand curves facing the remaining firms in the industry shift to the right. D. the market supply curve shifts to the right.
In the early 2000s, some argued that the Indian government impeded foreign investment with tariffs, investment caps, and tons of red tape. In terms of promoting or retarding economic growth, such policies:
A. increase growth because they keep people producing for the local market. B. decrease growth because they slow the growth of capital. C. increase growth because they stop exploitation by foreigners. D. decrease growth because they cause inflation.
We observe the duration of unemployment rising and wage rates falling. It is likely that
A. aggregate supply has increased. B. summer has arrived. C. the government has initiated expansionary fiscal policy but the policies haven't taken effect yet. D. aggregate demand has decreased.