Socialism is an economic system characterized by:
A. private ownership of resources and market decision-making.
B. government ownership of resources and centralized decision-making.
C. cooperation, sharing, and little central government.
D. a complex structure of rules and traditions that dictates decision-making.
Answer: B
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Cyclical unemployment occurs
A) with economic fluctuations; it increases during bad times and decreases during good times. B) because of a mismatch between the jobs that are available in the economy and the skills of workers seeking jobs. C) because the government labels some people who aren't really in the labor force as unemployed. D) naturally during the normal workings of an economy, as people change jobs, move across the country, etc.
If a number greater than the mean (average) of a series of observations is added to the series, the new mean is:
A) greater than the original mean. B) smaller than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
If the expected future exchange rate rises, the currency's
A) quantity supplied increases. B) supply decreases. C) supply increases. D) exchange rate falls.
If the price of a DVD decreases by 50 percent, the quantity demanded increases by 75 percent. The price elasticity of demand is:
A. –1.5 and is inelastic. B. –1.5 and is elastic. C. –0.67 and is elastic. D. –0.67 and is inelastic.