Which of the following is an imperfection of market economies?
a. They produce inexpensive services but expensive manufactured goods.
b. They place undue importance on the needs of future generations.
c. They cannot provide certain goods such as national defense.
d. They distribute income too unequally.
d
Economics
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Fiat money is backed by: a. gold or silver
b. fractional reserves. c. the promise of a bank to redeem it upon presentation. d. the commodity in which it is denominated. e. nothing.
Economics
Which of the following is excluded from calculations of GDP?
A. The value of lawn mowing provided by a teenager for his own family. B. Goods that bring little value to society. C. Income received by managers of corporations. D. Goods that are produced and sold during the time period.
Economics