In a ______ economy, the allocation of resources is governed by voluntary trading among businesses and consumers.
A. capitalist
B. communist
C. socialist
D. traditional
A. capitalist
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Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Which factor of production does human capital enhance?
i. land ii. labor iii. capital A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
If a firm in a perfectly competitive industry is producing at a point where TR equals TC and the market demand increases, then the firm will be making
a. economic profits; it will expand output. b. economic profits; output will not change. c. normal profits; output will expand. d. normal profits; output will not change.
Which of the following tends to increase the attractiveness of a retirement system based on savings and investment rather than pay-as-you-go principles?
a. a persistent increase in the number of workers relative to the number of retirees b. a large number of workers relative to the number of retirees c. a reduction in the number of workers relative to the number of retirees d. a persistent increase in the life expectancy of retirees.