Which is not characteristic of a centrally planned economy?
a. The central government owns all land and capital.
b. The central government makes all economic decisions.
c. Each collective or factory sets its own goals.
e. Each person is assigned a job.
Ans: c. Each collective or factory sets its own goals.
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The law of increasing costs holds that the opportunity cost:
a. of a good decreases as the quantity of the good produced increases. b. of a good is proportional to the resources used in its production. c. of a good increases as more of the good is produced. d. of a good does not change with the resources used its production. e. changes as more of the good is produced.
Using the income approach, an estimate of the value of capital worn out producing GDP is:
a. indirect business taxes. b. capital consumption allowance or depreciation. c. gross private domestic investment. d. capital erosion estimate.