The U.S. distribution system is
A. identical to that of the former Soviet Union.
B. based on a pure socialist economy.
C. determined by a modified version of one dollar, one vote.
D. similar to the fascist 1930's Germany.
C. determined by a modified version of one dollar, one vote.
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To ask "what causes a recession" is the same as asking
A) "why does supply meet demand?" B) "what is the link between price elasticity of demand and price elasticity of supply?" C) "why have so many individuals made errors all at once?" D) "why have price controls failed us?"
A profit-maximizing firm will hire units of an input to the point at which
a. MRP > price of the input b. MRP < MRC c. MRP = the supply of the input d. MRP = MRC e. MRP < the supply of the input
A cartel is
A. a group of firms promoting competition. B. most common in monopolistic competition. C. a collusive group of firms. D. no longer possible in our global economy.
Because workers in the U.S. economy receive most of the total income earned, which of the following factors of production is considered to be the most important?
a. profit b. wages c. interest d. labor