The fish in the ocean are
a. allocated efficiently because there are no limitations on entry into the ocean fisheries business.
b. scarce, but only because of the highly restrictive regulations imposed by various nations.
c. a commonly owned, open access resource and therefore they are often over-exploited.
d. privately owned and therefore they are allocated efficiently.
C
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All of the following took place during the Great Depression EXCEPT
A) increase in unemployment from about 3.4 percent to about 25 percent and a decrease in real GDP by about 30 percent between 1929 in 1933. B) an increase in taxes because of the fear that budget deficits would undermine business confidence. C) a fall in the money supply by more than 30 percent. D) a rise in inflation during the early 1930s. E) the stock market crashed by about one-third in October of 1929.
Which of the following is true in a market economy?
A. Central planners determine answers to the basic economic questions. B. Resources are used efficiently. C. The distribution of wealth is equal. D. Information for production and distribution decisions pass directly to buyers from the government.