The command economy of World War I (1914–18) possessed which of the following traits?
(a) Decentralized decision-making in the markets
(b) The creation of many state agencies
(c) Volunteers for the armed forces
(d) Centralized decision making by bureaucrats
(d)
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Consider a society consisting of just a farmer and a tailor. The farmer has 10 units of food but no clothing. The tailor has 20 units of clothing but no food. Suppose each has the utility function U = F ? C. The price of clothing is always $1
If the price of food is $3, does a competitive equilibrium exist? If not, what will happen to the price of food?
In 2012, the United States:
A. imported more services than it exported. B. imported more goods than it exported. C. traded mainly with developing nations such as Mexico and India. D. had a small trade surplus in goods and services.