Socialism is similar to communism in that ________.
A) the government provides all of the social services
B) the governments fail under economic stress
C) the government distributes goods and services
D) the government experiences shortages of goods and services
E) the government does not intervene in industry
C) the government distributes goods and services
Explanation: C) In both socialist and communist states, the government is responsible for distributing both goods and services. However, in a communist state, the entire responsibility for the distribution is in the hands of the government, whereas in a socialist state, the government traditionally runs some of the social services and utilities but also allows for some private enterprise.
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The marginal fixed cost of a firm:
a. is a positive constant irrespective of output level. b. declines as output is increased because a fixed numerator is divided by an ever-growing denominator. c. generally increases as output is increased. d. is equal to average variable cost and average total cost at their minimum points. e. is always equal to zero and is therefore ignored by economists.
If the quantity demanded of milk is 55,000 and the quantity supplied of milk is 80,000, then:
A. there is an excess supply of 25,000 units of milk. B. the price of milk will tend to rise to clear the market. C. consumers get the milk they want so market equilibrium exists. D. there is an excess demand of 25,000 units of milk.
The increasing oil prices during 2004-2008 show OPEC's power to overcome market pressures for declining prices.
Answer the following statement true (T) or false (F)
If the credits for a principles of economics section is three units and an instructor teaches two sections with 100 students in each and tuition and fees at your university are $100 per unit. If the instructor is paid $ 20,000 to teach both classes, should the university hire the instructor?
A. Yes, the MRP of the instructor is higher than the wage. B. Yes, the wage is higher than the instructor's MRP. C. Yes, the MRP of the instructor is lower than the wage. D. No, the wage is higher than the instructor's MRP.