In which of the following ways is the private market sector similar to the public sector in terms of decision making?
A) Prices determine the demand for goods and services in each sector.
B) There is competition for scarce resource in both sectors.
C) Both sectors may use a type of "force" if necessary.
D) Votes by individual voters are basically equal in importance with dollars spent by individuals on goods.
B
You might also like to view...
In a perfectly competitive industry, in the long-run equilibrium
A) the typical firm is producing at the output where its long-run average total cost is not minimized. B) the typical firm is earning an accounting profit greater than its implicit costs. C) the typical firm is maximizing its revenue. D) the typical firm earns zero profit.
Approximately what percentage of total health care spending goes toward hospital care?
a. One-tenth. b. One-fifth. c. One-fourth. d. One-third. e. One-half.
Which of the following is the correct formula for determining the civilian unemployment rate?
a. [(the number of unemployed, working-age civilian seeking work)/(the number of civilian in the labor force)] x 100. b. C + I + G + (X-M). c. The total number of unemployed, working-age civilians seeking work. d. (The number of civilian in the labor force) x 100.
The term "factor market" applies to the market for
a. labor. b. capital. c. land. d. All of the above are correct.