In which system are decisions made by thousands of people who have information about resources, production technology and consumer desires?
A. market system
B. socialist system
C. centrally planned system
D. command system
Answer: A
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Amy can produce either 5000 pounds of cheese or 20 cars per year. Mike can produce either 5000 pounds of cheese or 10 cars per year. Mike's opportunity cost of producing one car is ________ pound(s) of cheese.
A. 1/250 B. 500 C. 1/20 D. 250
If the consumer price index increased from 1.52 to 1.65, then it must be the case that ________ relative to prices in the base year.
A. some prices rose and some prices fell B. all prices rose C. the weighted average level of prices rose D. all prices fell
Sue sells a futures contract for U.S. Treasury bonds and on the settlement date the interest rate on U.S. Treasury bonds is lower than Sue expected. Sue will have:
A. lost money on her short position. B. gained money on her short position. C. gained money on her long position. D. lost money on her long position.
Transfer payments are:
A. excluded when calculating GDP because they only reflect inflation. B. excluded when calculating GDP because they do not reflect current production. C. included when calculating GDP because they are a category of investment spending. D. included when calculating GDP because they increase the spending of recipients.