In a command economy:
a. economic effort is devoted to goals passed down from a ruler or ruling class.
b. economic effort is commanded by the people of a country.
c. there is no coordinated economic effort. What you produce is what you get to consume.
d. economic effort is determined by the government, businesses, and the people of a country.
a. economic effort is devoted to goals passed down from a ruler or ruling class.
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Which of the main economic schools of thought would believe that the government should undertake a tax policy stressing work and investment incentives?
A. Rational expectations B. Classical C. Supply-side D. Keynesian
The Standard Oil Trust was so powerful that it forced the railroads to grant it ____________ that its competitors did not receive.
Fill in the blank(s) with the appropriate word(s).
Refer to Figure 2-16. In the circular flow diagram, who are economic agents A and who are economic agents B?
A) A= firms; B = product markets B) A = firms; B = households C) A = households; B = firms D) A = households; B = factor markets
Given the following data, what is the distance from the origin to the point where the total expenditures (TE) curve cuts the vertical axis? C = $800 + 0.85Yd I = $350 G = $420
A) $1,570 B) $1,150 C) $1,220 D) $770 E) ?$1,220.85