Which of the following is a characteristic of socialism?
a. Rejection of central planning.
b. Government ownership of all factors of production.
c. Government ownership of most of the factors of production.
d. Private ownership of all factors of production.
c
You might also like to view...
A backward-bending portion of an individual labor supply curve is most likely to be observed: a. at lower wages
b. at higher wages. c. in manufacturing industries. d. in service industries.
Figure 4-21
At price P3 in Figure 4-21, what will tend to happen?
a.
There will be a shortage, and the price will fall.
b.
There will be a shortage, and the price will rise.
c.
There will be a surplus, and the price will rise.
d.
There will be a surplus, and the price will fall.
e.
Equilibrium will occur in the market.
In the _______________, marginal product becomes negative and total plant output decreases.
Fill in the blank(s) with the appropriate word(s).
The production possibilities curve bows out because
A. of the law of increasing additional cost. B. resources are not being fully utilized. C. production is efficient. D. production is inefficient.