Which of the following is a correct characterization of socialism?
a. Central planning is used to answer the basic economic questions.
b. Government ownership of many resources and centralized decisionmaking answers the basic economic questions.
c. Markets are used exclusively to answer the basic economic questions.
d. Tradition answers the basic economic questions.
b
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One of the principles behind the concept of the circular flow is that
A) in every economic exchange, the seller receives exactly the same amount that the buyer spends. B) in every economic exchange, the seller receives less than the amount that the buyer spends. C) in exchange involving products, the seller receives less than the amount the buyer spends, but in resource markets the seller receives more than the buyer spends. D) the seller of goods receives exactly the same amount that the buyer spends, but the seller of resources receives less than the buyer spends.
The period between ________ is commonly regarded by economists as a "golden age" of rapid productivity growth in the United States
A) 1898 and 1929 B) 1920 and 1940 C) 1933 and 1965 D) 1948 and 1973
According to utility? theory, consumer purchase decisions are made such that
A. the total utility from consuming the good is less than the marginal utility of the last unit consumed. B. the total utility of the last unit purchased is equal to the price of that unit. C. the difference between the value of the marginal utility of the last unit purchased and the price paid is maximized. D. the value of the ratio of marginal utility to price for the last units purchased and consumed is equal.
The emphasis by some economists on long-term outcomes is reminiscent of
A. Classical theory. B. Supply-side theory. C. Keynesian theory. D. None of the choices are correct.