What is the type of mechanism that answers the basic economic questions through a decentralized decision making process?
A. dictatorship
B. market system
C. command and control
D. mixed economic system
Answer: B
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Cyrus McCormick is best known for
a. manufacturing the mechanical reaper. b. developing hybrid strains of corn. c. introducing chemical fertilizers. d. the invention of the single-horse plow.
Which of the following best explains the difference between commodity money and fiat money?
A. Fiat money has no value except as money, whereas commodity money has value independent of its use as money B. all money is commodity money, as it has to be exchanged for gold by the central bank C. commodity money has no value except as money, where as fiat money has value independent of its use as money
Net taxes equal the amount that the:
A. business sector pays the government minus the amount the private sector pays the government. B. private sector pays the government minus the amount the private sector receives from the government. C. government pays the private sector plus the amount of private sector pays the government. D. government pays the private sector minus the amount the private sector pays the government.
When investment remains the same at each level of GDP in a private closed economy, the slope of the aggregate expenditures schedule:
A. exceeds the MPC. B. is less than the MPC. C. equals the MPS. D. equals the MPC.