Economic systems can be classified based on
a. the ownership of resources only
b. the ownership of resources, the types of crops grown, and the incentives used to motivate people
c. the way resources are allocated to produce goods and services and the incentives used to motivate people only
d. the ownership of resources, the way resources are allocated to produce goods and services, and the incentives used to motivate people
e. the ownership of resources, the way resources are allocated to produce goods and services, and the average education of workers
D
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Suppose the U.S. government encouraged consumers to trade in their old automobiles for more efficient, new models by paying up to $5,000 for the old automobiles
These consumers who did trade in their old automobiles to take advantage of the government offer would be exemplifying the economic idea that A) people are rational. B) people respond to economic incentives. C) optimal decisions are made at the margin. D) equity is more important than efficiency.
The demand for organically grown food is
A) increasing. B) decreasing. C) stagnant. D) unpredictable.
The long-run Phillips curve:
A. is downward sloping. B. is upward sloping. C. shows there is no tradeoff between unemployment and inflation. D. is horizontal at the natural rate of inflation.
When there is unplanned inventory investment, aggregate planned expenditure is __________ real GDP and actual investment is __________ planned investment
a) greater than; greater than b) greater than; less than c) less than; greater than d) less than; less than