What is the type of economic system that relies on one central authority to make economic decisions?
A) free market
B) price system
C) command and control
D) mixed economic system
C
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Macroeconomics includes the study of:
A. How the economy works on a regional, national, or international scale. B. How rent ceilings impact the construction rates of new apartments. C. How the increase in the labor force participation rate by females impacts childhood obesity. D. How grocery cart rental fees impact parking lot accident rates.
Why does equilibrium in the market for a traded good not occur where that country's quantity demanded equals quantity supplied?
a. Because equilibrium occurs where demand equals supply. b. Because markets are never in equilibrium. c. Because some of the good is imported or exported. d. Because there are several demand curves, and the market can't choose between them. e. All of the above are correct.
What are sunk costs?
a. implicit costs that cannot be measured b. costs that vary with the level of output c. costs that affect economic, but not accounting, profits d. costs that have been incurred and cannot be recovered
Which of the following is a positive economic statement?
A) Policymakers should strive to eliminate government budget deficits. B) The President of the United States should promote high employment growth in the United States. C) If the price of eggs increases, the quantity demanded of eggs will fall. D) We should try to eliminate poverty in the United States.