A system of economic organization in which the ownership and control of productive capital assets rests with the state and resources are allocated through central planning and political decision making is called:
a. a market economy
b. a command economy.
c. a corporate economy.
d. capitalism.
b
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The two-country, multi-product model differs from the two-country, two-product model in that, in the former
A) the relative wage ratio will determine the pattern of trade ( which good is exported by which country. B) which country will export which product is determined entirely by labor productivity data. C) full specialization is likely to hold in equilibrium. D) none of the goods are potentially nontraded. E) domestic relative prices are not relevant.
Advances in technology will shift the aggregate:
a. demand curve rightward. b. supply curve rightward. c. demand curve leftward. d. supply curve leftward.
The money supply changes due to:
a. Rising velocity. b. Rising oil and other natural resource prices. c. Rising GDP. d. Rising money multiplier. e. A depreciating currency.
Social Security taxes are
A. progressive because all workers pay the tax. B. regressive because higher income workers don't pay the tax. C. proportional because everyone is charged the same percentage tax rate. D. regressive because higher income workers pay taxes on a smaller percentage of their income.