In a ________, the amount of output that any one household gets depends on its income and wealth.
A. socialist economy
B. command system
C. free-market system
D. Marxist economy
Answer: C
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Each of the four firms in an industry has a market share of 25 percent. The Herfindahl-Hirschman Index equals
A) 3,600. B) 100. C) 625. D) 25. E) 2,500.
If Patricia, an accountant, is a price-taker in her local market for tax return preparation, which of the following must be true?
A. Patricia is one of only a few accountants in her local market. B. Patricia would lose all of her clients if she raised her prices. C. Patricia's clients are not well-informed about other accountants' prices. D. Patricia spends at least some of her revenue on advertising.
Race to the bottom refers to which of the following?
A) Firms have an incentive to relocate to countries with lower standards. B) Countries have an incentive to conform to the standards of the lowest income country. C) Countries will compete with each other to offer incentives to firms. D) Firms will underpay workers in low income countries.
India's decision in late 2016 to withdraw from circulation all existing 500- and 1,000- rupee paper currency, to stop accepting the old currency, and to stop exchanging it for new currency was an attempt by policymakers to
A) eliminate all currency from the economy. B) increase the size of the underground economy. C) reduce corruption. D) end hyperinflation.