Why did the command system fail? (Soviet Union in 1990's)
What will be an ideal response?
Coordination difficulties, lack of profit incentives and entrepreneurship
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The three accounts used to measure the balance of trade are the ________ account, the ________ account and the ________ account.
A. financial, reserve, current B. current, capital, reserve C. current, reserve, financial D. current, financial, capital
Consumption expenditures do not include household purchases of
A) medical care. B) durable goods. C) new houses. D) education.
After the American Revolution, the public domain expanded and the amount of community property held by the federal government grew considerably. If it had stayed community property, there would have been problems, according to Hughes and Cain (2011)
These problems include which of the following? (a) Individuals using it would not have incentive to conserve it or use it wisely. (b) The problem of "free riders" would have been troublesome and resulted in a "free-for-all," which could have ended in violence. (c) Each person faced incentive to overuse the communal rights of others. (d) All of the above.
Answer the following statements true (T) or false (F)
1. The purpose of using the four-firm concentration ratio is to calculate how much market share would change in the case of a merger between two of the firms. 2. A minimum price contract is illegal because it would restrict competition. 3. One regulatory option for dealing with natural monopolies is to leave them alone. 4. The purpose of the Dodd-Frank Act was to address numerous accounting scandals involving prominent corporations such as Enron, Tyco International, and WorldCom that occurred as a result of deregulation. 5. If firms were required to pay the social costs of pollution, they would create less pollution but produce less of the product and charge a higher price.