An unplanned economy operating under laissez faire
a. allocates resources by market supply and demand.
b. cannot respond to basic questions about production and distribution.
c. shows breakdowns with frequent surpluses and shortages.
d. allocates goods and services under government subsidy.
a
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Figure 4.2 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, we would expect that
A) supply will increase until quantity demanded equals quantity supplied. B) price will increase until quantity demanded equals quantity supplied. C) demand will decrease until quantity demanded equals quantity supplied. D) there will be no change in the price since the market is in equilibrium.
Which of the following is most likely to increase an individual's current spending?
A) Paying back a loan today B) Borrowing money today C) Depositing money today D) Withdrawing money in the future
The Equal Pay Act of 1963 requires that men and women be given equal pay for equal work in the same establishment
Most people agree that gender discrimination in the workplace is unfair, but many economists have criticized advocates of comparable worth. Is paying the same wages for jobs that have comparable worth mandated by the Equal Pay Act? Why don't most economists support proposals to force employers to pay their male and female employees based on comparable worth rules?
Which term is synonymous with a perfectly competitive firm?
a. Price taker b. Oligopoly c. Private enterprise d. Monopoly