Under the old Soviet communist system, government planning was substituted for the _________________.
Fill in the blank(s) with the appropriate word(s).
price mechanism
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Which statement is most likely correct about quantity supplied?
a. When economists refer to quantity supplied, they are referring to a certain point on the supply curve or a certain quantity on the supply schedule. b. When economists refer to quantity supplied, they are referring to the relationship between a range of prices and the quantities supplied at those prices. c. Quantity supplied does not change with price. d. Quantity supplied will increase for one good when the quantity of the other good is increased.
Consumer surplus is the difference between the worth of a commodity to the consumer and the price the consumer pays for the commodity
a. True b. False Indicate whether the statement is true or false
Corporations receive no proceeds from the resale of their stock
a. True b. False Indicate whether the statement is true or false
According to Keynes, the economy could become stuck at a low income level if:
A. declines in aggregate supply are not accompanied by declines in aggregate demand. B. declines in aggregate demand are not accompanied by declines in aggregate supply. C. aggregate demand and aggregate supply are independent of one another. D. declines in aggregate demand and aggregate supply reinforce one another.