In a command economy, the three economic questions are answered by which of the following?
a. The production and consumption choices made by sellers and buyers in decentralized markets.
b. A cartel of major transnational corporations, government agencies, and consumer advocates.
c. A trilateral commission of major corporations, elected officials, and economists
d. A central authority such as a peoples' committee or a dictator.
d
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Claudia's Copy Shop is deciding which 3-D printer to purchase, and it only has room for one printer
It can purchase the "Mini-Me" small-object printer, which would generate benefits of $50,000 at a cost of $5,000, or it can purchase the "Gargantuan" large-object printer which would generate benefits of $250,000 at a cost of $25,000. Based on these numbers, Claudia's Copy Shop should purchase A) the "Mini-Me" printer. B) the "Gargantuan" printer. C) either printer, since the cost of each is exactly 10 percent of the benefit from each. D) neither printer, since the cost of each is too high for a 3-D printer.
Common pool resources differ from pure public goods in that
A) common pool resources are resources that cannot be renewed but the production of pure public goods can be increased at any time. B) common pool resources are nonexcludable while pure public goods are excludable to those who do not pay of the good. C) unlike pure public goods, common pool resources are rival in consumption. D) common pool resources are collectively owned by a group of people while pure public goods are owned by the government.
Refer to Table 7-6. All of the following are terms of trade that could possibly benefit both countries except
A) 1/4 of a belt : 1 sword. B) 7/10 of a belt : 1 sword. C) 4/5 of a belt : 1 sword. D) 2/3 of a belt : 1 sword.
Complete Milton Friedman's famous proposition: "Inflation is always and everywhere a ________ phenomenon."
A) monetary B) political C) policy D) budgetary