Which of the following is NOT a characteristic of the capitalist form of economic organization?
A. Central planning.
B. A reliance on decentralized market processes for resource allocation purposes.
C. Private ownership of productive resources.
D. All decisions are made by the government.
A. Central planning.
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If a number greater than the mean of a series of observations is added to the series, the new mean is:
A) smaller than the original mean. B) greater than the original mean. C) same as the original mean. D) either greater or smaller than the original mean depending on the number of observations in the series.
The "invisible hand" refers to the notion that
A) competitive markets send resources to their highest valued uses. B) government intervention is necessary to ensure efficiency. C) marginal benefit decreases as more is consumed. D) marginal cost increases as more is produced. E) no matter what allocation method is used, the resulting production is efficient.