The decision about what goods and services will be produced in a centrally planned economy is made by
A) producers deciding what society wants most.
B) lawmakers in the government deciding on what will be produced.
C) consumers dictating to firms what they need most.
D) workers deciding to produce only what the boss says must be produced.
E) consumers and firms choosing which goods and services to buy or produce.
B
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Mr. Scrooge owns assets worth $100 million. The rate of return on his assets is 5 percent per year. Mr. Scrooge's wealth is ________, and his income is ________
A) $5 million a year; $100 million B) $100 million; $5 million a year C) $100 million; $105 million D) $5 million a year; $100 million a year
Monitoring the performance of the people managing the firm is easiest in the case of
A) proprietorships. B) partnerships. C) corporations. D) S corporations.
Which of the following would lead to a rightward movement along the demand curve for British pounds?
a. An increase in the dollar price of a pound b. A decrease in U.S. GDP c. A renewed interest in British beef products d. A decrease in the dollar price of a pound e. An increase in U.S. GDP.
The exit of existing firms from a competitive market will
a. increase market supply and increase market price. b. increase market supply and decrease market price. c. decrease market supply and increase market price. d. decrease market supply and decrease market price.