Under socialism, factories, farms, mines, and natural resources are owned by:
A. laborers.
B. government.
C. private stockholders.
D. no one.
Answer: B
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Genovia produced 10 million tonnes of wheat in a particular year. However, 1 million tonnes got infested with pests and had to be thrown away. How will this affect the calculation of the gross domestic product of the country for that year?
What will be an ideal response?
The table above shows techniques that can be used to produce 100 shirts. If the price of an hour of labor is $6 and the price of a unit of capital is $30, then the economically efficient technique is
A) W. B) X. C) Y. D) Z.
Which of the following would generate a supply of euros in exchange for dollars?
What will be an ideal response?
In the Keynesian-cross model, if government purchases increase by 100, then planned expenditures ______ for any given level of income.
Fill in the blank(s) with the appropriate word(s).