In the former Soviet Union,
A. the collective farms were more productive per acre than the private plots of land owned by peasants.
B. there was no private ownership of any farmland.
C. the private plots of land were more productive per acre than the large collective farms.
D. the land under cultivation was equally split between private plots of land and the collective farm
C. the private plots of land were more productive per acre than the large collective
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Voluntary exchange between buyers and sellers generates ________ in a market economy
A) productive efficiency B) allocative efficiency C) scarcity D) equity
A nation's monetary base changes when:
a. Central banks swap currencies with each other. b. Funds cross our imaginary line. c. The central bank reduces the reserve requirement. d. All of the above. e. None of the above.
The following provides data for an economy in a certain year. Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the government purchases component of GDP.
A. $40 B. $30 C. $10 D. $20
Many economists support trade agreements, maintaining that the agreements improve economic efficiency because they result in goods being produced
A) at the highest profit margin. B) with maximum deadweight loss. C) with zero producer surplus. D) at the lowest opportunity cost.