Around the world, once-socialist countries have replaced central plans with
a. foreign aid
b. budgets
c. special interests
d. markets
e. capital equipment
D
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Along a linear demand curve, as the price increases from zero,
a. demand decreases b. demand increases c. quantity demanded increases d. total revenue first increases but eventually decreases e. total revenue first decreases but eventually increases
A Hicksian, or compensated, demand curve reflects:
A. only the substitution effect of a price change. B. only the income effect of a price change. C. both the income and substitution effects of a price change. D. neither the income nor the substitution effects of a price change.
If a government-imposed price floor legally sets the price of milk above market equilibrium, which of the following will most likely happen?
A. The quantity of milk demanded will increase. B. The quantity of milk supplied will decrease. C. There will be a surplus of milk. D. There will be a shortage of milk.
If an economy begins to use its resources more efficiently, it will move
A. from one point to another point along its ppf. B. closer to its ppf. C. from a point along its ppf to a point outside its ppf. D. farther away from its ppf.