In a command economy, the basic economic questions are answered by:
a. central authority. b. individual buyers and sellers.
c. the traditional methods. d. none of these.
a
Economics
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Based on the assumptions in the Application, should Rory hire a gardener or cut the weeds himself?
A) He should hire the gardener because he would save $800. B) He should cut the weeds himself because he would save $1,000. C) He should hire the gardener because he would save $1,000. D) He should cut the weeds himself because he would save $200.
Economics
A firm that wishes to maximize profits will continue to purchase capital goods until the
A) nominal rental price of capital = MPK. B) real rental price of capital = MPK. C) nominal rental price of capital = the real rental price of capital. D) nominal rental price of capital = the price level.
Economics