What are the three ways economies are organized?
a. communism, socialism, free
b. market, capitalism, mixed
c. traditional, command, market
d. traditional, market, mixed
c. traditional, command, market
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Refer to the accompanying figure. This economy would be operating at point B if:
A. resources that are better-suited to making movies were being used to make milk, while resources that are better-suited to making milk were being used to make movies. B. it was operating efficiently. C. the opportunity cost of making milk were higher than the opportunity cost of making movies. D. the opportunity cost of making movies were higher than the opportunity cost of making milk.
Unstable property rights will usually cause
A. lower levels of investment spending. B. lower levels of real interest rates. C. higher levels of investment spending. D. higher levels of real interest rates.
Because producers do not bear the external cost of pollution,
A) private production exceeds the economically efficient level.
B) the economically efficient level of production is achieved.
C) private production is below the economically efficient level.
D) the market price for the product being produced by the pollution-generating company is too high.
A depreciation in the value of the U.S. dollar would:
A. encourage foreigners to travel on American owned airlines. B. make U.S. goods more expensive to foreign consumers. C. decrease the number of dollars it takes to buy a Swiss franc. D. make it more expensive for U.S. citizens to travel abroad.