Which of the following applies to a real-world socialistic economy?
A. private ownership of all factors of production
B. government ownership of all factors of production
C. government ownership of most of the factors of production
D. lack of central planning
Answer: C
You might also like to view...
An individual who suffers from money illusion will
A) feel that a doubling of prices and income improves his economic position. B) concentrate on relative prices. C) never be fooled by the impact of price changes on the purchasing power of income. D) try to use counterfeit money.
Which of the following refers to a natural monopoly?
a. A monopoly resulting from government control b. A monopoly resulting from economies of scale c. A monopoly resulting from output leadership d. A monopoly resulting from a large advertising budget e. A monopoly resulting from trade restrictions
Refer to the accompanying figure. The opportunity cost of producing one bushel of corn is:
A. 250 bushels of wheat. B. ½ of a bushel of wheat. C. 500 bushels of wheat. D. 2 bushels of wheat.
Fiat money is money:
A. accepted by law regardless of its intrinsic value. B. that is not included as part of the M1 money supply. C. that is backed by gold or silver held on reserve by the government. D. such as coins that are made from metal.