A ______ economy is an economy where government and the private sector together determine the allocation of resources.
a. traditional
b. command
c. mixed
d. market
c. mixed
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Unlike the minimum wage, the Earned Income Tax Credit does not:
A. create an incentive for employers to lay off low-wage workers. B. improve the economic well-being of the working poor. C. increase total economic surplus. D. cost the government money.
Jim's Nursery produces and sells $1100 worth of flowers. Jim uses no intermediate inputs. He pays his workers $700 in wages, pays $100 in taxes and pays $200 in interest on a loan. Jim's contribution to GDP is
A) $900. B) $1000. C) $1100. D) $1800.
If you go to Europe to work and send funds home to your family living in the United States, this is known as a
A) service import. B) merchandise import. C) service export. D) unilateral transfer.
Which occupation made the highest average hourly wage in the United States in March of 2012?
a. production b. education c. management d. art, design and entertainment