One of the reasons communism failed was because:
a. governments ran out of money.
b. workers received the same pay whether or not they worked hard.
c. there was no unemployment.
d. Mao Zedong passed away.
e. technological improvements were impossible in a communist economy.
b
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Which of the following statements is true?
A) Extractive economic institutions foster economic activity, productivity growth, and economic prosperity, while inclusive institutions fail to do so. B) Both extractive and inclusive institutions foster economic activity, productivity growth, and economic activity. C) Both extractive and inclusive institutions fail to foster economic activity, productivity growth, and economic activity. D) Inclusive economic institutions foster economic activity, productivity growth, and economic prosperity, while extractive institutions fail to do so.
Most of the goods produced in an economy are ________
A) private goods B) public goods C) club goods D) inferior goods
After the price of Revlon nail polish increased, Jen stopped buying Revlon nail polish and started buying a cheaper brand of nail polish instead. This is called:
A. a decrease in the seller's reservation price. B. a decrease in the buyer's reservation price. C. the substitution effect of a price change. D. the income effect of a price change.
Public goods are
A. rival in consumption, and their benefits are nonexcludable. B. rival in consumption, and their benefits are excludable. C. nonrival in consumption, and their benefits are excludable. D. nonrival in consumption, and their benefits are nonexcludable.