Which of the following is NOT a characteristic of a centrally planned economy?
A. Consumers vote with their dollars thus guiding resources to produce what the society wants.
B. Government sets the prices.
C. The government decides how much of each good should be produced.
D. All of these statements are characteristics of centrally planned economy.
A. Consumers vote with their dollars thus guiding resources to produce what the
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Mountain bikers and rollerbladers share the only trail in a city park. The city allows everyone into the park and onto the trail. The mountain bikers say the rollerbladers are a hazard to them; the rollerbladers say it's the other way around. Frequently there are collisions, and many injuries occur. What is the property rights problem?
a. Rollerbladers do not have mountain bikes. b. Bikers do not have rollerblades. c. No one owns both bikes and blades. d. No one has property rights to the use of the trail. e. No one owns the park.
In Keynes's view, an excess quantity of money supplied causes people to:
a. sell bonds and the interest rate rises. b. buy bonds and the interest rate falls. c. buy bonds and the interest rate rises. d. increase speculative balances.