In market capitalism:
A) factors of production are privately owned and decisions are made privately.
B) factors of production are owned by the government but decisions are made privately.
C) there is no role for government.
D) the consumer has few choices to make.
Ans: A) factors of production are privately owned and decisions are made privately.
You might also like to view...
Neither the supply of nor demand for a good is perfectly elastic or perfectly inelastic. So, imposing a tax on the good results in ________ in the price received and kept by sellers and a ________ in the price paid by buyers
A) a rise; rise B) a rise; fall C) a fall; rise D) a fall; fall E) no change; rise
As the economy nears the end of an expansion, which of the following do we typically see?
A) falling wages relative to output prices B) rising interest rates C) rising firm profits D) rising levels of firm investment
As a result of moving more decision making from the periphery of the organization toward the center, typically
a. the flow of information to the decision maker that is relevant to the decision should be enhanced b. the flow of information from the decision maker that is relevant to the decision should be enhanced c. the incentive structure for the decision maker should be strengthened d. the incentive structure for the decision maker can be eliminated
The aggregate production function is the relationship between the
a. total cost of labor and the quantity of output in the economy b. total cost of labor and the total real cost of inputs c. quantity of labor employed in the economy and the total quantity of output produced d. cost of labor and the supply of labor e. quantity of labor and the quantity of capital