Which of the following is not a typical attribute of a socialist country?
A. Taxes are very high, particularly on the wealthy classes.
B. Production is guided by the price system.
C. Government owns some of the means of production.
D. Cradle-to-grave security for its citizens.
B. Production is guided by the price system.
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What is the solution to a simultaneous-move game when both sides do not have dominant strategies?
What will be an ideal response?
A fixed exchange rate system reduces the impact of
A) variations in the demand for real money balances on real incomes. B) the volatility of aggregate expenditures on real incomes. C) crowding out from fiscal expenditures. D) the beggar-thy-neighbor effect.
Suppose the numbers in parentheses represent two points on a line: (59 billion quarts; $4) and (78 billion quarts; $6). The line is most likely a
a. production possibilities frontier for milk. b. supply curve for milk. c. demand curve for milk. d. ray through the origin. e. time series line.
A downward-sloping demand curve
a. is a feature of all monopolistically competitive firms. b. means that the firm in question will never experience a zero profit. c. causes marginal revenue to exceed price. d. prohibits firms from earning positive economic profits in the long run.