The economic system that is generally considered to be the most efficient at answering the What to produce and the How to produce questions is the:

A. market economy.
B. command economy
C. soviet economy.
D. traditional economy.


Answer: A

Economics

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If the government drafts people into the armed forces rather than persuading them to volunteer

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Suppose a perfectly competitive firm faces the following short-run cost and revenue conditions: ATC = $8.00; AVC = $5.00; MC = $8.00; MR = $9.00. The firm should

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Workers, rather than firms, bear most of the burden of the payroll tax

a. True b. False Indicate whether the statement is true or false

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