The best description of the economic ideology during World War I was __________
a. The belief that the economy could be strengthened by centralized coordination.
b. The economy would work best with a strong commitment to the free market.
c. The US should eliminate many federal agencies during World War I to make the government more efficient.
a. The belief that the economy could be strengthened by centralized coordination.
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When a tax is imposed on the suppliers of a good or service, then
A) in general, the producers pay all the tax. B) in general, the consumers pay all the tax. C) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes smaller. D) the consumers pay a larger part of the tax as the elasticity of demand for the product becomes larger.
Refer to the above figure. Excess quantity supplied will exist when
A) the price is between $0 and $6. B) the price equals $6. C) the price equals $10. D) quantity demanded equals 15.