Which economic system is usually associated with government ownership of the means of production and central planning?
A. Communism
B. A market system
C. Fascism
D. Capitalism
A. Communism
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The above figure shows the market for buckets of golf balls at the driving range. A new leisure time tax is placed on suppliers in this market, shifting the supply curve from S0 to S1. The tax incidence is
A) split equally between buyers and sellers, each paying $1 per bucket. B) split equally between buyers and sellers, each paying $2 per bucket. C) such that buyers pay $2 per bucket and sellers pay $1 per bucket. D) such that buyers pay $1 per bucket and sellers pay $2 per bucket. E) such that sellers pay all of the tax.
If the desired reserve ratio is 10 percent and there is no currency drain, then a $100 increase in the monetary base leads the banking system to increase the quantity of money by
A) $1,000. B) $400. C) $900. D) $110. E) $1,100.
Refer to Table 4-5. The table above lists the highest prices five consumers are willing to pay for a concert ticket. If the price of one ticket is $50
A) Violet's consumer surplus is $2. B) everyone will buy a ticket. C) consumer surplus will be maximized. D) no one will buy a ticket.
Aggregate demand is the total demand for the final goods and services produced in an economy
a. True b. False Indicate whether the statement is true or false