In a command economy, ________ establish(es) what will be produced and when, set(s) production goals, and make(s) rules for distribution.
A. individuals, households and privately owned firms
B. a centralized authority
C. individuals and households
D. only privately owned firms
Answer: B
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It seems likely that economic sanctions ultimately would have led to regime change in Iraq
Indicate whether the statement is true or false
Peruvian economist Hernando de Soto claims the ___________ in Latin America results in "dead capital."
A. weak titling system B. strong titling system C. general lack of strong national defense D. generally weak currencies
Which one of the following states a central element of the economic way of thinking?
a. Scarce goods are priceless. b. Incentives matter--human choice is influenced in predictable ways by changes in personal costs and benefits. c. The realism of the assumptions is the best test of an economic theory. d. When deciding how to allocate time, the concept of opportunity cost is meaningless.
The WTO functions as:
A. The enforcer of trade rules for the world. B. An international informant on terrorism. C. An international weapons inspector. D. The international authority on currency exchange.