In the former Soviet Union, nearly all resources were owned by

A. the government.
B. business firms.
C. individuals.
D. foreigners.


A. the government.

Economics

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What is Okun's Law?

What will be an ideal response?

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The benefits-received principle is based on the idea that higher taxes on the rich are justified because the rich can afford to pay higher taxes

Indicate whether the statement is true or false

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Every society must follow some kinds of criteria to determine who gets what. Examples of such criteria include

A) age. B) gender. C) height. D) willingness to pay. E) all of the above.

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The figure above shows a perfectly competitive firm. In the short run, the firm will shut down

A) only if the AVC of producing 10 units is less than $20. B) only if the AVC of producing 10 units is more than $20. C) only if the AVC curve reaches its minimum before 10 units are produced. D) always.

Economics