A characteristic of a market economy is:
a. central economic planning by the government
b. use of traditional farming methods
c. consumer goods often not available
d. little government interference in the economy
Ans: d. little government interference in the economy
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The cost of producing aspirin increases simultaneously as doctors find that one aspirin per day reduces the risk of heart attacks. The supply of aspirin ________ and the demand for aspirin ________ so that the equilibrium price of aspirin ________
A) increases; increases; rises B) decreases; increases; rises C) increases; decreases; might rise, fall, or stay the same D) decreases; increases; might rise, fall, or stay the same
Per capita real GDP does not give us information about the distribution of income in a country or about the nonmonetary quality of life
a. True b. False Indicate whether the statement is true or false
Risk pooling:
A. reduces the risk of catastrophes happening collectively to groups. B. doesn't reduce the chances of catastrophes happening to individuals. C. assures the individuals that they are less likely to have a catastrophe occur. D. None of these statements is true.
Jake is an excellent barber. However, all customers who come to him for a haircut must buy a bottle of shampoo. This type of arrangement is known as
A) a tie-in sale. B) a sweetheart deal. C) an exclusive contract. D) a cross subsidy.