Government officials deciding the distribution of all resources is a feature of a
a. mixed economy
b. market economy
c. command economy
d. traditional economy
Ans: c. command economy
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In the short-run macro model, an increase in the money supply will
a. move the economy to the right along the aggregate expenditure line. b. move the economy to the left along the aggregate expenditure line. c. shift the aggregate expenditure line upward. d. shift the aggregate expenditure line downward. e. cause the aggregate expenditure line to rotate until it is flat.
An efficient tax is one that raises the desired tax revenue but creates the least possible
a. total burden. b. excess burden. c. tax incidence. d. tax shifting.
What does the specificfactors model allow us to analyze?
a. the returns to factors of production b. the allocation of resources between sectors c. the returns to factors of production and the allocation of resources between sectors d. the allocation of resources to the service sector
The price elasticity of demand measures
A. the change in quantity demanded due to a change consumer income. B. the change in price due to a change in demand. C. the responsiveness of price to a change in competition. D. the responsiveness of quantity demanded to a change in price.