The economic system known as a market system is also referred to as:
a. communism.
b. socialism.
c. capitalism.
d. mercantilism.
c
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Stagflation can be explained by a
a. shift in the short run Phillips curve to the left. b. shift in the short run Phillips curve to the right. c. a movement along the short run Phillips curve to the right. d. a movement along the short run Phillips curve to the left.
If the bidders at a second-price auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7
In a market where the tragedy of the commons arises, the equilibrium quantity is both individually ____________ and collectively __________.
A. inefficient; rational B. rational; inefficient C. irrational; efficient D. efficient; irrational
If interest rates are rising in an economy, what might the relationship be between savings and investment that is causing this to happen?
a) Savings is greater than investment demand. b) Investment demand is greater than savings. c) Savings and investment are both rising rapidly. d) Savings and investment are both falling rapidly.