What is a mixed economy?
What will be an ideal response?
A mixed economy is an economy in which most economic decisions result from the interaction of buyers and sellers in markets but in which the government plays a significant role in the allocation of resources.
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Which of the following is TRUE regarding marginal benefit? I) The marginal benefit curve shows the benefit firms receive by producing another unit of a good. II) Marginal benefit increases as more of a good is consumed
A) I and II B) I only C) II only D) neither I nor II
The figure above contains several budget lines for Sarah, who uses her income to purchase two goods, cheese and crackers
a) A movement between which two budget lines represents an increase in income? b) A movement between which two budget lines represents an increase in the price of a pound of cheese? c) A movement between which two budget lines represents an increase in the price of a box of crackers?
When the Fed extends a $100 discount loan to the First National Bank, reserves in the banking system
A) increase by $100. B) increase by more than $100. C) decrease by $100. D) decrease by more than $100.
Refer to Figure 8.2. Which graph illustrates an output expansion path with an increasing capital-labor ratio?
A. A
B. B
C. C
D. D