The optimal degree of abstraction depends on the objective of the analysis.
Answer the following statement true (T) or false (F)
True
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Property rights allowing individuals to own goods, services, and factors of production are MOST important in
a. socialistic economies. b. planned economies. c. capitalistic economies. d. command economies.
Which of the following statements is true of the demand curve and the marginal revenue curve of a monopolist?
A) Both curves have the same intercept on the price axis. B) The demand curve is downward sloping while the marginal revenue curve is upward sloping. C) The intercept of the demand curve on the price axis is higher than the intercept of the marginal revenue curve. D) The intercept of the demand curve on the price axis is lower than the intercept of the marginal revenue curve.
Which of the following best describes a command economy?
A) An economy that is characterized by barter trade of goods and services B) An economy where strong controls are imposed by the ruling authority C) An economy in which resources are allocated through the price mechanism. D) An economy in which there are a few privately owned firms
What is the Phillips curve? Explain the difference in movements along the Phillips curve and shifts in the Phillips curve, and explain what can cause these movements and shifts
What will be an ideal response?