In a market system, resources are allocated by
a. the orders of authority
b. traditional practices
c. prices
d. absolute advantage
e. production possibilities frontiers
C
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Economic growth in Cuba has been slow; what can best explain the slow growth?
A) Lack of economic resources B) Lack of incentive mechanisms and economic freedom C) Labor productivity is low. D) A non-democratic form of government E) Too much competition within the economy
When the United States imposes an import quota on a good, the amount of the ________ in U.S. consumer surplus is ________ the amount of the ________ in U.S. producer surplus
A) increase; smaller than; increase B) decrease; larger than; decrease C) decrease; larger than; increase D) decrease; equal to; increase
The Social Security program is primarily a
a. compulsory retirement income program set up on sound insurance principles. b. forced-savings program where workers save during their working years and receive the principal and interest on these savings at retirement. c. program designed to tax current workers in order to provide benefits for current retirees. d. voluntary savings program run by the government.
According to William Julius Wilson, the main exodus of the black working- and middle-class from the ghettos took place in the decade of the _____________.
Fill in the blank(s) with the appropriate word(s).