In a _____, the state owns all means of production
A. mixed economy
B. planned economy
C. market economy
D. totalitarian state
Ans: B. planned economy
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During the last part of the 19th century, which factor contributed to the lag in railroad construction in the Southeast and Southwest?
A. Sparseness of population B. War-induced poverty C. Coastal shipping. D. All of the above are correct.
An inferior good is one
A. produced by American industries. B. whose quantity demanded falls when the purchaser’s income rises. C. ordinarily bought by college students from college-town merchants. D. suitable for a garage sale.
The more dollars that must be given up to buy one British pound, the __________ American goods are for the British and the __________ American goods the British will buy; thus __________ dollars will be demanded
A) more expensive; fewer, more B) less expensive; more, more C) more expensive; fewer, fewer D) less expensive; fewer, more E) none of the above
Government failure
A. leads to a more efficient allocation of resources. B. leads to a less efficient allocation of resources. C. occurs because government officials do not act in their own self?interest. D. occurs because households or firms do not act in their own self?interest.