The United States is best known as a
A) pure market system.
B) dictatorship.
C) command and control system.
D) mixed economic system.
Answer: D
You might also like to view...
The new growth theory's comparison of the economy to a perpetual motion machine implies that
A) overpopulation will eventually overtake the resources of the planet. B) technology changes just happen. C) permanent growth is not possible. D) the economy will forever create and destroy jobs. E) labor productivity has no influence on the economy.
If disposable income falls by $50 billion and consumption falls by $40 billion, then the slope of the consumption function is
A) 1.20. B) 0.80. C) 0.70. D) 0.10.
If the level of output produced by the firms in a perfectly competitive market has no effect on the prices of the inputs used by the firms, the market supply curve will be flatter than the supply curve for an individual firm in the market
Indicate whether the statement is true or false
Which of the following demand functions represents a price elasticity of demand equal to -0.33 and an income elasticity of demand equal to 0.8 at all points along the curve?
A) Q = 3 - 0.33P + 0.8I B) Q = 4.5 - 0.33 log(P) + 0.8I C) log(Q) = 1.34 - 0.33 log(P) + 0.8I D) log(Q) = 2.34 - 0.33 log(P) + 0.8 log(I)