The three primary systems for allocating resources are
a. tradition, command, and central planning
b. tradition, central planning, and communal
c. command, market, and socialism
d. tradition, command, and market
e. communal, command, and capitalism
D
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According to economists, the income elasticity of an inferior good
a. is less than one b. exceeds one c. is zero d. is inelastic e. is negative
Bonnie has just purchased a crystal vase she saw advertised when she went on line to find her local weather forecast. The Internet ad is an example of
A) mass marketing. B) direct marketing. C) indirect marketing. D) interactive marketing.
Which system would be accompanied by occasional currency interventions by central banks to stabilize or alter rates to avoid persistent balance of payments deficits or surpluses?
A. The gold standard B. Fixed exchange rates C. Flexible exchange rates D. Managed floating exchange rates
According to the graph shown, if the market is in equilibrium, producer surplus is:
A. $30.
B. $20.
C. $50.
D. $60.