What is the difference between socialism and communism? What are some examples of countries that are largely socialistic and some that are communistic?
What will be an ideal response?
Communism is a socialist economic system that is controlled by a government that was not democratically elected (through free and open elections); whereas, socialist countries have governments which have been democratically elected. The old Soviet Union and its satellites were examples of communist nations. The only remaining communist nations are China, Cuba, North Korea and Vietnam. On the other hand, one can observe many democratic"socialist" states in varying degrees around the world. Examples of such countries would include the Scandinavian nations, like Norway and Denmark.
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A new technology that increases labor productivity will shift the
a. demand curve for labor to the left b. MLC curve to the left c. MPP curve downward d. demand curve for labor to the right e. demand for the good to the right
If a person is taxed $100 on an income of $1,000, taxed $180 on an income of $2,000, and taxed $220 on an income of $3,000, this person is paying a:
A. progressive tax. B. poll tax. C. proportional tax. D. regressive tax.
For this question, suppose the domestic interest rate is 4% and that the foreign interest rate is 7%. And finally, assume that the domestic currency is expected to depreciate by 3% during the coming year. Given this information, we know that
A) individuals will only hold domestic bonds. B) individuals will only hold foreign bonds. C) individuals will be indifferent about holding domestic or foreign bonds. D) the interest parity condition holds.
The long run is defined as a time period during which full adjustment can be made to any change in the economic environment. Thus in the long run, all factors of production are variable. Long-run curves are sometimes called planning curves, and the long
run is sometimes called the A) foreseeable future. B) minimum efficient time period. C) non-adjustment period. D) planning horizon.