Which of the following best distinguishes a "command economy" from a "market economy?"
a. A command economy is more efficient than a market economy because decision making is centralized
b. There is scarcity in command economies, but not in market economies.
c. Command economies are less prone to inflation than are market economies.
d. Production and distribution decisions are made by central planners in a command economy, but not in a market economy.
d
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If producers have an expectation of higher future prices, the supply of the good that is currently available
A) will be all that is produced. B) will decrease. C) will not change. D) will increase.
Which of the following statements about frictional unemployment is true?
a. It can be eliminated only in a free society. b. It is a long-term unemployment. c. It does not exist in developed economies. d. It is also called structural unemployment. e. It arises when people choose to change jobs.