Which statement is false?
A. Under Soviet communism, government planning was substituted for the price mechanism.
B. The entire Soviet economy was a Rube Goldberg contraption of subsidies, fixed prices, bureaucratic rules and regulations, special privilege, and outright corruption.
C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century.
D. None of the statements are false.
C. Had Mikhail Gorbachev not begun dismantling the communist bureaucracy, the Soviet system probably would have been able to continue carrying on business as usual for another century.
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In the United States, the federal income tax is an example of a
A) progressive tax. B) regressive tax. C) flat tax. D) proportional tax.
A decrease in the price level will result in:
a. a downward shift of the AD curve. b. an upward shift of the AD curve. c. a movement up the AD curve. d. a steeper slope of the AD curve. e. a movement down the AD curve.
If SnuggleTight, a pillow-making firm in Long Island, NY, incurs losses by producing where its MR = MC, then at least in the short run, it should
a. shut down b. increase output c. decrease output d. remain at that output level only if P > AVC e. remain at that output level only if P > ATC
When firms use resources in an attempt to secure and maintain grants of market protection from the government, it is called
a. rent-seeking. b. collusion. c. franchising. d. resource investment.