An economic system includes
a. money, stocks and bonds
b. a mechanism for allocating resources and a mode of resource ownership
c. a mechanism for dividing up resources and a way to ensure that technology advances
d. a mechanism for allocating stocks, bonds and money and a mode of technology
e. government ownership, labor time, and machines
B
You might also like to view...
Using year-by-year data from 1987-2007 shows that
A) there is a strong positive relation between average Latin American money-supply growth and inflation. B) there is a strong negative relation between average Latin American money-supply growth and inflation. C) there is a strong positive relation between average Latin American money-supply growth and deflation. D) it is difficult to find a strong positive relation between average Latin American money-supply growth and inflation. E) there is a weak positive relation between average Latin American money-supply growth and inflation.
To pay back Social Security loans, Congress could do all of the following except
A. Reduce spending on non-Social Security programs. B. Increase budget deficits. C. Sell fewer U.S. Treasury bonds. D. Raise future taxes.
Answer the following questions true (T) or false (F)
1. Autarky is a situation where one country does not trade with other countries. 2. The ratio at which a country can trade its exports for imports from other countries is called comparative advantage. 3. A tariff is a numerical limit on the quantity of a good that can be imported.
The Slutsky equation shows that, holding the total effect constant, the income effect will be larger for goods that
A) have a smaller substitution effect. B) make up a larger percentage of a household's budget. C) have perfectly inelastic demand curves. D) All of the above.