In the former Soviet Union most goods and services were produced by ____________; in the United States most goods and services are produced by _____________.
A. the government; private enterprise
B. the government; the government
C. private enterprise; the government
D. private enterprise; private enterprise
A. the government; private enterprise
You might also like to view...
Assume the price of good X increases. As a result, your real income decreases and you decrease the quantity of good X purchased each month. This is an example of the:
a. income effect. b. consumer price effect. c. revenue effect. d. substitution effect. e. all of these.
Which of the following conditions is most essential if a firm is going to earn long-run economic profits?
a. an inelastic market demand for the product b. a small number of firms, even though competitors are free to enter the industry c. a differentiated product d. restrictions that limit the entry of potential competitors into the industry