Which of the following does not describe a pure market economy?
a. The choices of buyers and sellers determine the market prices of goods and services.
b. Prices serve as signals to buyers and sellers
c. Prices and outputs of most goods and services are stable over time.
d. Owners of resources in greater demand by others tend to have higher incomes.
c
Economics
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Over the period 1980–2007, the annual rate of increase in government spending on elementary, secondary, and higher education, measured in constant dollars, was approximately
a. 1 percent b. 3 percent c. 10 percent d. 15 percent e. 25 percent
Economics
A competitive firm will hire workers up to the point at which the value of the marginal product of labor equals the
a. average total cost. b. average variable cost. c. wage. d. price per unit of output.
Economics