Which of the following statements is true?
a. The doctrine of laissez-faire advocates an economic system with extensive government intervention and little individual decision-making.
b. In capitalism income is distributed on the basis of need.
c. Adam Smith was the father of socialism.
d. Most real-world economies are mixed economic systems.
e. The "invisible hand" refers to government economic control.
d
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Currency circulated by banks that could be redeemed for gold was called
A) junk bonds. B) banknotes. C) gold bills. D) state money.
The tax that brings in the most revenue in the United States is the
A) capital gains tax. B) corporate income tax. C) Social Security tax. D) personal income tax.
At a price of $5, Sam buys 10 units of a product; when the price increases to $6, Sam buys 8 units. Martha says Sam's demand has decreased. Is Martha correct?
a. Yes, Martha is correct. Sam's demand has decreased. b. No, Martha is incorrect. Sam's demand has increased. c. No, Martha is incorrect. Sam's quantity demanded has decreased, and his demand has not changed. d. No, Martha is incorrect. Sam's quantity demanded has increased, and his demand has increased. e. No, Martha is incorrect. Sam's demand has increased, and his quantity demanded has decreased.
If both imports and exports fell, a. AD would decrease
b. AD would increase. c. AD would decrease if exports fell more than imports. d. AD would increase if exports fell more than imports.