Which of the following is a characteristic of socialism?
A. rejection of central planning
B. consumer sovereignty
C. government ownership of most of the factors of production.
D. private ownership of all factors of production.
Answer: C
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According to the No Marginal Improvement Principle for Boundary Choices, if X* is a best choice, then:
A. if only a marginal increase in the activity level is possible, the MB ? MC at X*. B. if only a marginal increase in the activity level is possible, the MB ? MC at X*. C. if only a marginal decrease in the activity level is possible, the MB ? MC at X*. D. MB = MC at X*.
Holding other factors constant, if a tax increase moves the government budget from deficit to surplus, then the real interest rate will ________ and the equilibrium quantity of national saving and investment will ________.
A. decrease; decrease B. increase; increase C. decrease; increase D. increase; not change