Which of the following applies to a real-world socialistic economy?
A. private ownership of all factors of production
B. government ownership of all factors of production
C. government ownership of most of the factors of production
D. lack of central planning
Answer: C
You might also like to view...
Why do most firms in monopolistic competition typically make zero profit in the long run?
A) because the lack of entry barriers would compete away profits B) because the total market is not large enough to accommodate so many firms C) because firms do not produce at their minimum efficient scale D) because firms produce differentiated products
In Europe, in 2005, Microsoft was penalized for______.
a. unfair labor practices b. price discrimination c. false advertising d. bundling products
Recall the Application about cultural factors in England and their relevance to the Industrial Revolution to answer the following question(s). According to the Application, the cultural changes in England allowed individuals to take advantage of:
A. new developments in science and technology. B. the increase in agrarian lifestyles. C. the decrease in population caused by the number of citizens who were leaving for the New World. D. the elimination of trade barriers resulting from the formation of the European Union.
Suppose that you know a good is a normal good for a consumer. Which of the following can you then conclude to be true:
A. The own-price elasticity of demand is less than -1. B. The income elasticity of demand is greater than 0. C. The own-price elasticity of demand is greater than -1. D. The income elasticity of demand is less than 0. E. Both (a) and (b). F. Both (a) and (d). G. Both (b) and (c). H. None of the above.