In a planned economy the concept of efficiency is
a. more important than in a market economy.
b. less important than in a market economy.
c. not important at all.
d. as important as in a market economy.
d
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The marginal propensity to consume can best be described as:
A) consumption/income B) the impact of a change in income on GDP C) the change in income divided by the change in consumption D) the change in consumption divided by the change in income
A decrease in U.S. interest rates relative to Japanese interest rates will
a. decrease the supply of dollars on the foreign exchange market b. increase the demand for dollars on the foreign exchange market c. increase the supply of dollars on the foreign exchange market d. cause the value of the dollar to appreciate e. cause U.S. exports to increase
Nursing home care is covered by
A. Medicaid, regardless of income or wealth. B. Medicaid, but only for the poor. C. Medicare, Part A. D. Medicare, Part B.
Economics is sometimes called the study of choice. This means we all make choices because of ______.
a. income b. opportunities c. scarcity d. surplus