A key distinction between market-based economic systems and other types is
A) the use of democratic political systems to determine the goods produced, methods of production, and allocations of goods
B) the use of corporations as a key mechanism for production of goods
C). the use of public rather than private decisions to determine the goods produced, methods of production, and allocations of goods
D) the reliance on voluntary decisions and exchanges versus forced exchanges
Answer: D) the reliance on voluntary decisions and exchanges versus forced exchanges
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Which of the following statements is FALSE?
A) Cartels only form among members of an oligopoly. B) A cartel might form if members believe they can increase profits by coordinating activity. C) Members of a cartel produce less output than that produced in a competitive market. D) Cartel members often have an incentive to cheat.
If the cyclical unemployment rate is negative, then the
A) natural unemployment rate is less than the actual unemployment rate in the economy. B) natural unemployment rate is greater than the actual unemployment rate in the economy. C) structural unemployment rate is greater than the frictional unemployment rate. D) structural unemployment rate is less than the frictional unemployment rate. E) a and d