Which of the following statements is true?
a. Planned economies have fared very well in recent years, with many of these economies thriving.
b. Command economies operate the most efficiently because the government makes all the production decisions.
c. In a command economy, consumers answer the questions of what to produce, how to produce it, and how to distribute
d. In command economies, consumers still exercise choice.
d. In command economies, consumers still exercise choice.
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In 1860 government revenues exceeded the earnings of cotton exports by fourfold
Indicate whether the statement is true or false
A price ceiling imposed below equilibrium price causes a deadweight loss for society because: a. buyers benefit at the expense of sellers
b. as a result of the ceiling, units of output are not produced despite the fact that the value to consumers exceeds the production cost. c. sellers benefit at the expense of buyers. d. the poor gain at the expense of the rich.
Suppose Woody's Cabinetmaking calculates the following information for each cabinet produced in a given month: P = $300; Q = 100; AFC = $10; AVC = $140 . Woody's total profit for that month is
a. $140 b. $150 c. $15,000 d. $30,000 e. impossible to determine
If the present value of $110 to be received one year from now is $100, what will $100 be worth two years from now?
A. $100 B. $121 C. $110 D. can't say since we don't know what the interest rate is