The economies of North Korea and Cuba are:
A. Similar in that they are both basically command systems
B. Similar in that they are both basically market systems
C. Different in that North Korea has a command system while Cuba has a market system
D. Different in that Cuba has a command system while North Korea has a market system
Answer: A
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Jane started eating more junk food and taking less care of her health after she bought life insurance. Her behavior is an example of ________
A) moral hazard B) adverse selection C) the paradox of thrift D) the free-rider problem
A firm that sells its output and hires its labor in perfectly competitive markets
a. controls the price of its output, but accepts the wage rate it pays as given b. controls both the price of its output and the wage rate it pays c. controls the rate it pays, but accepts the price of its output as given d. accepts both the price of its output and the wage rate it pays as given e. controls the price of its output, the wage rate it pays, and its own output level