A major distinguishing feature between capitalist and socialist (or command) economies is that
a. under capitalism the average citizen is always wealthier than in socialist economies
b. decision making is typically decentralized in socialist economies and is centralized in capitalist economies
c. socialist countries all have red flags and capitalistic economies do not
d. resources are publicly owned in capitalist economies
e. decision making is typically decentralized under capitalism while it is centralized in command economies
E
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Harry's HVAC refuses to sell diagnostic software and spare parts of its heating and cooling systems to third parties. Why would it want to do that?
a. To ensure that the customer knows that they are stuck with Harry's service technicians b. To ensure that only the highest paid personnel get to service the units c. To ensure that the customers do not buy second-class servicing and then infer faulty design if a unit breaks down due to inadequate service d. All of the above
If all prices, including the price of beef, increase by 3 percent, then the relative price of beef has ________ and inflation ________.
A. remained constant; has not occurred B. increased; has occurred C. remained constant; has occurred D. increased; has not occurred