Why did Communist governments use a command economic system for many years?
a. as a way to avoid the expense and difficulties of a free market
b. as a method of keeping consumers from getting what they wanted
c. to limit the costs of production of many goods
d. in an attempt to create a society in which everyone was equal
Answer: in an attempt to create a society in which everyone was equal
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Refer to Table 12-3. What will Arnie's output be and how much profit will he earn if the market price of basketballs is $5.00?
A) Q = 0; profit = -$10.00 B) Q = 3; profit = -$7.50 C) Q = 1; profit = -$10. D) Price and profit cannot be determined from the information given.
When the president says that "High inflation rates are a much more serious economic problem than high unemployment rates," it is an example of
A) a normative statement. B) an empirically proven fact. C) a positive statement. D) an irrational argument.