A strength of the market economy is that:
A. it results in an equal distribution of wealth.
B. resources are used efficiently.
C. planners rather than consumers determine answers to the basic economic questions.
D. information for production and distribution decisions passes directly from the government to buyers.
Answer: B
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The surplus created by a price floor will likely be
A) smaller if the good is a necessity. B) larger if the good is addictive. C) smaller if the good is a luxury. D) unaffected by the time that has elapsed since the price ceiling is implemented. E) None of the above answers is correct.
Developing countries with large informal sectors tend to have firms that invest less in capital equipment
Indicate whether the statement is true or false
Describe the effects, in both the short run and the long run, of an increase in the money supply. Explain what happens to real output and the price level
What will be an ideal response?
Taking explicit account of a rival's expected response to a decision you are making is called:
A. strategic decision making. B. competitive decision making. C. economic decision making. D. monopolistic decision making.