In a command economy
a. a dictator makes every economic decision
b. owners can sell their resources to the highest bidder
c. no individual or group coordinates the economy
d. in theory, individual choices are reflected in collective decisions, and decisions are made by central planners
e. public ownership of resources is combined with free markets to direct economic activity
D
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In one year in the country of Countem, workers earned $4150, proprietor's income was $392, rental income was $20, corporate profits were $683,
net interest was $228, taxes on production and imports were $329, business current transfer payments were $12, the current surplus of government enterprises was $3, statistical discrepancy was $28, consumption of fixed capital was $882, factor income received from the rest of the world was $331, and payments of factor income to the rest of the world was $623. Based on these data, compute national income, net national product, gross national product, and gross domestic product.
In today's Fed, its primary strategy is to
a. target the federal funds rate in the short-run, target inflation in the long-run. b. target inflation c. target the money supply. d. target the federal funds rate in the short-run, balance inflation and output goals in the long-run.
Which of the following functions of government gives property owners the incentive to use their property efficiently?
A) making sure that courts are lenient on people who steal private property B) the protection of property rights C) the enforcement of antitrust legislation D) the financing of public goods
Demand is inelastic if
A. the percentage change in quantity demanded is greater than the percentage change in price. B. the elasticity of demand is less than 1. C. the demand for the good is sensitive to changes in price. D. more units will be purchased if the price increases.