According to economists
A) market capitalism is the best system available and some government intervention and regulation can either help or harm the social interest.
B) market capitalism is the best system available and any government intervention and regulation will inevitably harm the social interest.
C) centrally planned socialism is the best system available since governments generally make decisions that are in social interest.
D) centrally planned socialism and pure market capitalism are equally capable of promoting social interest, but a mixed economy is an undesirable compromise between the two that will harm social interest.
A
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What is the main difference between a centrally planned economy and a market economy?
Which of the following would decrease the price of packaged hot dogs?
A. A decrease in the price of hot dog buns, a complement to packaged hot dogs. B. An increase in the price of hamburger meat, a substitute for packaged hot dogs. C. A technological advance that lowers the cost of producing packaged hot dogs. D. An increase in the price of beef used to produce packaged hot dogs.
For most goods and services, income elasticity of demand tends to be smaller in the short run than in the long run. However, a recent study shows that the demand for a durable good such as automobiles tends to be more income-elastic in the short run than in the long run. Explain why.
What will be an ideal response?
Dumping involves a country selling its exports
A. to nations without a comparative advantage in producing the products. B. to nations that regularly impose tariffs. C. to nations that have no need for the products. D. at a price lower than its cost of production.