In the former USSR, state planners decided what was to be produced. They passed orders down to factories, allocating raw materials, workers, and other factors of production to them. This is an example of (a):
A. market economy.
B. corporation.
C. government as a referee.
D. command economy.
Answer: D
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If there are high transportation costs
a. the terms of trade will also be high b. the result could be incomplete specialization c. large countries will have an advantage in trading with small countries d. small countries will have an advantage in trading with large countries e. trade will be based on absolute advantage rather than comparative advantage
When a tax is imposed in a market, it will a. alter the behavior of buyers
b. alter the behavior of sellers. c. have no effect on the behavior or either buyers or sellers. d. affect the behavior of both buyers and sellers.
The difference in wages that results from nonmonetary characteristics of different jobs is called the
The following is budget information for a hypothetical economy. All data are in billions of dollars.YearGovernment SpendingTax RevenuesGDP1$800$825$4,00028508504,20039008754,35049509004,50051,0009254,600Refer to the above data. In which year is there a budget surplus?
A. Year 5 B. Year 4 C. Year 1 D. Year 2