Which of the following is a characteristic of command economies?
A) Rewards to economic agents are based on market prices.
B) Coordination of economic agents is automatic.
C) It is difficult to incentivize economic agents.
D) The invisible hand functions without any restraint.
C
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From the information in the above table, what is the marginal utility of the third quart of ice cream?
A) 80 B) 70 C) 60 D) 230
At the competitive equilibrium quantity supplied equals quantity demanded in all markets
Indicate whether the statement is true or false
Automatic stabilizers create ________ during recessions from increased government spending on welfare and unemployment insurance, and reduced tax revenues, and create _________ during peak growth periods of the economy from reduced government welfare spending and increased tax revenues.
A. fiscal stimulus, fiscal contraction B. fiscal stimulus, fiscal stimulus C. fiscal contraction, fiscal stimulus D. fiscal contraction, fiscal contraction
What is the opportunity cost of going from point D to point C?
