The economy of Cuba most closely approximates:
a. A market economy
b. A command economy
c. Pure capitalism
d. Laissez-faire capitalism
b. A command economy
Economics
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If a 20% change in price results in a 15% change in quantity supplied, then the price elasticity of supply is about
a. 1.33, and supply is elastic. b. 1.33, and supply is inelastic. c. 0.75, and supply is elastic. d. 0.75, and supply is inelastic.
Economics
In terms of Social Security taxes, the self-employed pay
A. only the employee portion. B. both the employee and employer portions. C. only the employer portion. D. no tax.
Economics