Consider the following economic agents:
a. the government
b. consumers
c. producers
Who, in a centrally planned economy, decides what goods and services will be produced with the scarce resources available in that economy?
A) producers
B) consumers
C) the government, consumers, and producers
D) consumers and producers
E) the government
E
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A positive economic profit signals that the investors of a firm should divert their funds to alternative ventures
a. True b. False Indicate whether the statement is true or false
The formula for calculating the tax multiplier is
a. MPC/(1 - MPC) b. MPC/(1 + MPC) c. -MPC/(MPC - 1) d. -MPC/(1 - MPC) e. MPC + (1 - MPC)
According to the fourth Geneva Convention, willful killing, torture, and inhumane treatment are considered to be
a. war crimes. b. preemptive strikes. c. normative conflicts. d. military interventions.
In a two-country, two-commodity model, if a country has an absolute advantage in the production of a certain good, it implies that
A. this country has higher labor productivity in the production of this good. B. it is not possible that this country can gain by importing this good from the other country. C. this country also has a comparative advantage in the production of this good. D. this country has greater resources than the other country.