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

Economics

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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.

Economics

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

Economics