In a command socialist economy:
A) resources are government owned but individuals make some decisions over their use.
B) resources are government owned and government exercises broad power over their use.
C) resources are privately owned and individuals make decisions over their use.
D) resources are privately owned but government exercises broad power over their use.
Ans: B) resources are government owned and government exercises broad power over their use.
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Economists disagree about many things. When those disagreements are about which model best explains the economy, these disagreements are primarily over "positive" statements
a. True b. False
A price floor policy establishes a minimum price for a market. Which of the following results from a binding price floor?
A. Shortage B. Excess demand C. Excess supply D. Equilibrium
Most economists believe that real and nominal variables are highly intertwined and that money can temporarily move real GDP away from its persistent trend in
a) neither the short run nor the long run. b) the very long run. c) the short run. d) the medium long run.
The substitution bias in the CPI refers to the failure of statisticians to:
A. take into account new products purchased by consumers. B. take into account improvements in goods and services. C. allow for the possibility that consumers switch from products whose prices are rising. D. allow for the possibility that consumers switch stores at which they shop.