The government makes all economic decisions in a centrally planned economy
Indicate whether the statement is true or false
TRUE
Economics
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Define economics. Who are economic agents?
What will be an ideal response?
Economics
One effect of market intervention is resource misallocation
a. True b. False Indicate whether the statement is true or false
Economics
The U.S. economy in 2009 was characterized by an excess level of output. This corresponds to a recessionary gap
a. True b. False Indicate whether the statement is true or false
Economics
According to the income effect, an increase in the wage rate will lead the worker to
A. work more hours and leisure more hours. B. work more hours if leisure is a normal good. C. work fewer hours if leisure is a normal good. D. not change hours worked. E. work fewer hours if leisure is an inferior good.
Economics