In a laissez-faire economy, ________ what gets produced, how it is produced, and who gets it.
A. firms but not consumers determine
B. the central government authority determines
C. consumers but not firms determine
D. the behavior of buyers and sellers determines
Answer: D
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
A corporation's board of directors
A) are the sole owners of the corporation. B) hire the managers of the corporation. C) are personally liable for the debts of the corporation. D) control the day-to-day activities of the corporation.
According to the text, the income elasticity of demand for food in industrialized nations is lower than that of poorer nations
Indicate whether the statement is true or false
A nation can determine how close it is to the classical range by considering its:
a. Export position. b. Net export position. c. Exchange rate. d. None of the above.