In a ________ economy, the behavior of buyers and sellers determines what gets produced, how it is produced, and who gets it.
A. utopian
B. socialist
C. command
D. laissez-faire
Answer: D
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Which one of the following statements concerning the National Bank Act is not true?
a. It required national banks to buy Treasury bonds equal to one third of their capital. b. It made banks subject to periodic bank audits. c. It reestablished confidence in the banking system. d. It led to a widespread conversion of banks from state to national charters. e. It levied a 10 percent annual tax on state-chartered bank-note issues.
Over the long run, the U.S. economy:
a. has grown dramatically. b. has shown nominal growth. c. has remained more or less stagnant. d. has not produced enough capital goods.
Tim put $275 in the bank one year ago and forgot about it. Today, the bank sent Tim a statement indicating that he now has $294.25 in his account. What interest rate did Tim earn?
a. 5 percent b. 6 percent c. 7 percent d. 8 percent
Critics of supply-side economics argue that tax cuts favored by supply-siders will have the greatest effect on
A. aggregate supply. B. tax receipts. C. aggregate demand. D. the money supply.