Which nation achieved the ideal communist society as described by Marx?
a. Castro's Cuba.
b. Mao's China.
c. Stalin's Soviet Union.
d. No nation has achieved Marx's vision of communist society.
d
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Refer to Sales Tax. Prior to the sales tax, which of the following was false?
a. Consumer surplus was A+B+C+D+E. b. Producer surplus was F+G+H+I+J. c. Government tax revenue was zero. d. Dead-weight loss was zero.
Reserve requirements are regulations concerning
a. the amount banks are allowed to borrow from the Fed. b. the amount of reserves banks must hold against deposits. c. reserves banks must hold based on the number and type of loans they make. d. the interest rate at which banks can borrow from the Fed.
Money that is backed solely by a government decree is referred to as fiat money.
Answer the following statement true (T) or false (F)
Which is a feature of a purely competitive market?
A. Price differences between firms producing the same product B. Significant barriers to entry into the industry C. The industry's demand curve is perfectly elastic D. Products are standardized or homogeneous