Central planning systems were used in the former Soviet Union but since this union dissolved no other nations now use this allocation process.
Answer the following statement true (T) or false (F)
False
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The short run is a time period that is
A) equal to a day. B) too short to change the amount of labor hired. C) too short to change the size of the firm's plant. D) long enough to change the size of the firm's plant. E) too short to change the amount of any resource the firm employs.
A major benefit of a health savings account is that it
A) combats moral hazard. B) means more health care services will be demanded. C) eliminates rising health care costs. D) creates the incentive to see a doctor regularly.
That some firms are engaged in more than one type of business is explained, in some cases, by
a. moral injunctions such as the Golden Rule. b. the existence of charitable organizations. c. government regulations that discourage the internalization of externalities. d. the fact that the internalization of externalities sometimes coincides with the self-interest of the relevant parties.
Competitive market equilibrium
A. implies that quantity demanded is sufficiently larger than quantity supplied. B. implies that quantity supplied is sufficiently larger than quantity demanded. C. is determined by the intersection of the excess demand and excess supply curves. D. is determined by the intersection of the market demand and supply curves.