In a centrally planned economic system, who decides what and how much will be produced?
A. Consumers
B. Privately owned businesses
C. The government
D. The people, by referendum every five years
C. The government
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The business cycle progresses from an expansion to a peak to a recession and then to a trough
Indicate whether the statement is true or false
What is a currency board?
What will be an ideal response?
Which of the following was not a lesson from the 2007–2009 financial crisis?
A. Regulatory failures were the result of weaknesses across the regulatory structure. B. The financial system operated with too much leverage. C. The business cycle no longer applies to economic analysis. D. Monetary policy alone may not be sufficient to stabilize aggregate demand.
Taxes on commodities or on purchases are known as:
A. corporate income taxes. B. sales and excise taxes. C. personal income taxes. D. payroll taxes.