The best example of a market capitalist economy is:
A) Russia.
B) China before 1979.
C) Cuba.
D) the United States.
Ans: D) the United States.
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Goods that are nonrival and nonexcludable are called
A) external goods. B) public goods. C) private goods. D) free goods.
An individual who is a risk lover
a. values a lottery at more than its expected value b. values a lottery at exactly its expected value c. values a lottery at less than its expected value d. tends to play lots of lotteries
The share of the labor force that was unionized fell from more than 30 percent in the 1950s to less than 15 percent in the 2000s. During this time period, the share of national income allocated to labor (in contrast to capital)
a. decreased by approximately 10 percent. b. decreased by more than 15 percent. c. increased by 10 percent. d. was virtually unchanged.
A decrease in U.S. exports to Japan can be represented by
A. The aggregate expenditure curve shifting downward. B. The aggregate expenditure curve shifting upward. C. A rightward movement along the aggregate expenditure curve. D. A leftward movement along the aggregate expenditure curve.