A method of allocating scarce resources is a necessary component of
a. all economic systems
b. all economic systems except market capitalism
c. centrally-planned socialism and market socialism only
d. centrally-planned capitalism and market capitalism only
e. all economic systems except centrally planned socialism
A
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A decrease in the brokerage commissions in the housing market from 6% to 5% of the sales price will shift the ________ curve for bonds to the ________, everything else held constant
A) demand; right B) demand; left C) supply; right D) supply; left
A lump sum tax is one for which the individual's liability does not depend on behavior.
A. True B. False C. Uncertain
At the Bretton Woods conference, all currencies were given
A) a fixed value. B) a variable value. C) a par value. D) a floating value.
At Tony's Car Wash, a team of four workers washes and rinses each car by hand, and one worker dries the car by hand. Which of the following is true?
a. Tony will have no principal-agent problems. b. Tony will have more principal-agent problems in washing and rinsing than in drying the cars. c. Tony will have more principal-agent problems in drying than in washing and rinsing the cars. d. Tony will be awash in severe principal-agent problems. e. Tony will have no incentive to monitor the car wash.