The Command System (communism)
What will be an ideal response?
The Government ownership of most property resources
The use of a central government body as a decision making mechanism
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If AC < p where MR = MC
A) firms earn positive profits and new firms will enter. B) firms earn negative profits and existing firms will leave. C) firms earn zero profits and new firms will not enter and no existing firms will leave. D) None of the above.
If two accountants have had the same education, amount of experience, and work at the same type of job for the same profit-maximizing firm, which charges its clients a uniform hourly fee,
a. they should earn the same amount of money b. the one whose job is riskier should be paid more c. the one whose job is riskier should be paid less d. the one who has a higher marginal product (due to ability) should be paid more e. the one who has a higher marginal product (due to ability) should be paid less
People anticipate inflation will be 3 percent during the next several years. If this is true, when the real interest rate is 4 percent, the money interest rate will be
a. 1 percent. b. 3 percent. c. 4 percent. d. 7 percent.
An increase in government spending shifts aggregate demand
a. to the right. The larger the multiplier is, the farther it shifts. b. to the right. The larger the multiplier is, the less it shifts. c. to the left. The larger the multiplier is, the farther it shifts. d. to the left. The larger the multiplier is, the less it shifts.