Which of the following is not one of the three principal components of a socialist economy?
A. Distribution is according to need
B. Entrepreneurs are encouraged by the profit motive, rather than government directive, to satisfy consumer wants in the most efficient manner possible
C. Government ownership of the means of production
D. Workers directed by a government planning board as to where they will work and how much they will be paid
Answer: B
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What will be an ideal response?
The rational expectations hypothesis indicates that people
a. pay little attention to policy when forming their expectations about the future. b. expect the next period to be pretty much like the recent past, regardless of policy changes. c. will always be able to forecast the future accurately. d. change their expectations about the future if policy changes.
A little more than half of state and local expenditures are applied to ______.
a. defense b. education and healthcare c. police and fire protection d. roads
Given the linear production function Q = 10K + 5L, if Q = 10,000 and K = 500, how much labor is utilized?
A. 600 units B. 500 units C. 1,000 units D. 800 units