Define a command economy and name nation(s) that use them.
What will be an ideal response?
The government holds most property rights. Ex: Russia, Vietnam, China
You might also like to view...
If 1 U.S. dollar exchanges for 0.69 British pounds, how much would it cost in U.S. dollars and cents to purchase a British chess set priced at 20 pounds?
What will be an ideal response?
How much is the firm's ATC?
The immigration of skilled scientists and engineers from other nations will have which of the following effects?
A. The supply curve for innovative activities will be pushed to the right, increasing the amount of innovation. B. The demand curve for innovative activities will be pushed to the left, decreasing the amount of innovation. C. The demand curve for innovative activities will be pushed to the right, increasing the amount of innovation. D. The supply curve for innovative activities will be pushed to the left, increasing the amount of innovation.
Perfectly competitive markets are efficient because
A) they always reach equilibrium. B) firms in the market are price takers. C) the cost to society for producing the goods is exactly equal to the value that society places on the good. D) the long run equilibrium assures that the prices of resources will not increase.