Proponents of a command economy argue that it promotes:
A. efficiency.
B. equity.
C. consumer sovereignty.
D. economic growth.
Answer: B
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Do interest rates fluctuate in response to the Fed's actions?
What will be an ideal response?
The labor force is
A) the sum of the employed and unemployed workers in an economy. B) the total number of people in an economy who are over the age of 16. C) the total number of employed people in an economy. D) the percentage of employed people divided by the population.
If the price of apples goes down, then the demand for pears will
A) increase, assuming apples and pears are substitutes. B) decrease, assuming apples and pears are substitutes. C) decrease, assuming apples and pears are complements. D) remain constant, assuming apples and pears are related goods.
Accounting profit made by a firm is equal to: a. total revenue minus total cost of the firm
b. total revenue minus implicit cost for the firm. c. total revenue minus explicit cost for the firm. d. marginal revenue minus explicit cost for the firm.