Under a capitalist economic system,
a. the state owns all or most of the resources
b. people are forced to work for a living
c. resources are privately owned
d. the government determines the allocation of resources
e. prices eventually become unnecessary
C
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More rigid government regulations and union contracts in Western Europe contribute to greater ________ in Western Europe than in the United States.
A. real GDP per capita. B. unemployment C. wage inequality D. real wage growth
Suppose that 20,000 tickets were sold at $120 for an NBA game at Madison Square Garden in New York. The game was sold out and some fans could not get tickets. This suggests that
A) selling price was below equilibrium price. B) selling price was above equilibrium price. C) selling price was at equilibrium. D) the game was advertised too heavily.
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
At any given price level, equilibrium GDP on the expenditure side occurs when ____
a. Y = C + I + G ? (X ? IM) b. Y = C + I ? G c. Y = C + I + G + (X ? IM) d. Y = C + X + G + (X ? IM)