Under a communist system,
A. consumer decisions are not influenced by prices.
B. resources are owned and controlled by the government.
C. individual freedom is maximized.
D. the market guides resources, but the state dictates what should be produced.
B. resources are owned and controlled by the government.
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If the number of wine producers decreases
A) the supply of wine increases. B) the supply of wine decreases. C) the demand for wine decreases. D) the demand for wine increases.
Suppose real GDP grows at 7 percent per year and the population grows at 2 percent per year. How many years will it take for real GDP and real GDP per person to double?
What will be an ideal response?
The National Restaurant Association states that the restaurant industry has an economic effect of more than $1.7 trillion annually in the United States,
with every dollar spent in restaurants generating an estimated total of $2.05 in spending in the economy. This indicates that the spending multiplier for the restaurant industry is equal to A) 1.21. B) 1.70. C) 2.05. D) 4.25.
The price elasticity of demand for eggs is 0.27. Therefore, an increase in the price of eggs will cause:
A. a decrease in egg suppliers' total revenue. B. an increase in the demand for eggs. C. an increase in egg suppliers' total revenue. D. an increase in the quantity demand of eggs.