A mixed economic system is best described as an economy with a mix of
A) state and federal governments.
B) domestic and foreign buyers.
C) free markets and government control.
D) for-profit organizations and not-for-profit organizations.
Ans: C) free markets and government control.
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How is the separation of ownership from control related to the principal-agent problem?
What will be an ideal response?
When the Fed wants to raise interest rates after banks have accumulated large amounts of excess reserves, it would
A) increase the interest rate paid on excess reserves. B) increase discount rate. C) increase the required reserve ratio. D) conduct massive open market purchase.
Unlimited liability means
a. a firm is always liable for damages when it is at fault b. if a firm is sued, it has enough insurance to pay the damages c. the owners are personally liable for all the debts of the firm d. a corporation is not held liable for the stockholders' errors e. a sole proprietor's own net worth cannot be used to pay debts
The phenomenon that describes how transfer programs, which significantly reduce the adversities of poverty, also reduce the opportunity cost of choices that often lead to poverty is known as
a. the implicit marginal tax rate. b. Gibson's paradox. c. the Phillips curve d. the Samaritan's dilemma.