The degree to which an economic system approaches a market economy depends on the degree to which
A. economic choices are made through the free interaction of buyers and sellers in the marketplace.
B. there are monopolies in the marketplace.
C. people have a high standard of living.
D. advanced technology is used.
Answer: A
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A demand curve that is unit elastic everywhere is
a. linear and slopes downward b. linear and slopes upward c. vertical d. horizontal e. nonlinear
If the quality or quantity of a particular public service is very difficult to monitor, government is more likely to
a. produce the service itself b. contract with private firms to supply the service c. take over private corporations to produce the service d. refuse to provide the service e. raise the price to consumers of the service
If unit costs increase as the quantity of production increases and all inputs are variable, then a firm is experiencing
A) constant returns to scale. B) economies of scale. C) diseconomies of scale. D) falling economies of scope.
When the Fed buys government bonds on the open market from commercial banks, the
a. assets of these banks fall b. assets of the Fed falls c. assets of the banks rise d. liabilities of the bank rise e. liabilities of the bank fall