Which of the following is a common criticism of capitalism?
A. poor product quality and little product diversity
B. inefficiency of nationalized industries
C. inability to adjust quickly to changing economic conditions
D. inadequate environmental protection
Answer: D
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The above table gives data for the nation of South Hampton. There are no imports into or exports from South Hampton. The equilibrium level of real GDP is
A) $700 billion. B) $400 billion. C) $500 billion. D) $600 billion. E) $800 billion.
Consumer sovereignty implies that
a. producers determine what goods will be produced and consumers are free to choose from among them b. consumers choose the composition of our economy's output c. goods are produced on the basis of need d. the government directs the production of consumer goods in the economy e. a committee of consumers determines the key issues in the economy
Because taxes distort incentives, they cause markets to allocate resources inefficiently
a. True b. False Indicate whether the statement is true or false
If the economy is near full employment and Congress cuts taxes, the proper monetary policy should be
A. expansionary to keep the economy fully employed. B. expansionary to counteract the increased deficit. C. contractionary to shift the aggregate demand curve outward. D. contractionary to counteract the effects of fiscal policy.