The way that a society allocates resources to satisfy human wants is called
A. an assumption.
B. ceteris paribus.
C. realism.
D. an economic system.
Answer: D
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In 1975, New York City increased regulated taxi fares by 17.5 percent and expected taxi revenue to increase a like amount. The taxi commission believed taxi demand was
A. unit elastic. B. inelastic. C. elastic. D. perfectly inelastic.
In practice, money growth targeting was
A) a good idea. B) a policy introduced in the U.S. in the 1970s, which continues to the present. C) better than interest rate targeting. D) a failure.
Which of the following is a feature of an M-Form organization?
a. divisions have difficulty responding to changes in customer demand b. it is difficult to maintain customer relationships c. coordination across divisions is simple and does not take much management time d. employee evaluation is hampered by managers often having different skill sets than those the manage
Using Figure 2 below, suppose that the economy started at PAE2. A potential change that could cause the economy to go from PAE2 to PAE1 might be:
A. wealth level decreases.
B. interest rates decrease.
C. expected profitability of investments increase.
D. domestic income decreases.