In a command economy, how many people decide what will be produced?
a. a small handful of government officials
b. one overall leader
c. millions of consumers and producers
d. a few thousand corporate managers
a. a small handful of government officials
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Suppose that a new seed technology improves corn yield by 20%. What is the market effect of that new technology?
A. A shift to the left of the supply curve that causes an increase in the price of corn. B. A shift to the left of the demand curve that causes a decrease in the price of corn. C. A shift to the right of the demand curve that causes an increase in the price of corn. D. A shift to the right of the supply curve that causes a decrease in the price of corn.
The price paid by buyers in a market will increase if the government
a. decreases a binding price floor in that market. b. increases a binding price ceiling in that market. c. decreases a tax on the good sold in that market. d. imposes a binding price ceiling in that market.