Which of the following is true when collective decision making is utilized to resolve economic questions regarding the allocation of resources?
What will be an ideal response?
The role of markets will be replaced by political decision making.
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The existence of inflation and other possible uncertainties reduces the usefulness of money as a store of value
a. True b. False Indicate whether the statement is true or false
If labor supply and labor demand both increase, employment
a. and the real wage rate will both increase b. will increase but the real wage rate will fall c. will increase but the real wage rate will remain constant d. and the real wage rate will remain constant e. will increase but the effect on the real wage rate will depend on the magnitude of the shifts
When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
Evaluate the statement: “The government should have no place in a capitalistic market system.”
Please provide the best answer for the statement.