A system of economic organization in which the ownership and control of productive capital assets rests with the state and in which resources are allocated through central planning and political decision making is called
What will be an ideal response?
socialism.
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One way DeBeers managed to maintain control over the diamond industry was to:
A. continue to be the sole diamond producer by buying all existing diamonds. B. create the illusion of no close substitutes through marketing. C. punish consumers who sought to store their wealth in diamonds. D. All of these statements are true.
Suppose that price is below the minimum average total cost but above the minimum average variable cost. In the short run, a firm that is a price taker would:
A. immediately shut down and get out of the industry. B. continue to produce a quantity such that marginal revenue equals marginal cost. C. shut down temporarily, in hopes of restarting in the near future. D. cut price and expand output in hopes of achieving economies of scale
Jessie's demand schedule for candy bars indicates
A. How much she likes candy bars. B. Her opportunity cost of buying candy bars. C. How many candy bars she will actually buy. D. Why she likes candy bars.
Which of the following had prompted the Chinese authorities to stand ready to buy or sell dollars steadily and in large volume?
A. Huge current account deficit B. Currency pegged to the dollar C. Floating rate policy D. Adherence to the old gold standard