Who was one of the first proponents of employing market economies instead of command economies?
A. Robert Heilbroner.
B. Karl Marx.
C. Jeffrey Sachs.
D. Adam Smith.
Answer: D
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If the interest rate is 20 percent, the present value of $10,000 to be received 20 years from today is about
A) $6,944. B) $14,400. C) $383,376. D) $261.
An increase in input costs in the production of electric automobiles caused the price of electric automobiles to rise
Holding everything else constant, how would this affect the market for gasoline-powered automobiles (a substitute for electric automobiles)? A) The supply of gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. B) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would increase. C) The demand for gasoline-powered automobiles would increase and the equilibrium price of gasoline-powered automobiles would decrease. D) The demand for gasoline-powered automobiles would decrease because consumers could afford to buy fewer gasoline-powered automobiles.
Which statement about democratic countries is true?
a. They can boost their economic growth by pursuing sound policies. b. They will become authoritarian if their economic growth declines. c. They enjoy consistent economic growth under most circumstances. d. They struggle to achieve meaningful economic growth.
Which of the following formulas is used in step 3 of the three-step method for monopolistic competition?
a. TC = ATC ? q b. TR = P ? q c. TC = P ? q d. TR = ATC ? q