When collective decision making is utilized to resolve economic questions regarding the allocation of resources,
a. the role of markets will be replaced by political decision making.
b. centralized decision making in all areas is inevitable.
c. the preferences of individuals are of no importance.
d. economic efficiency will be assured.
A
Economics
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Growth in potential GDP in the United States is estimated to be about
A) 8.25% per year. B) 5.0% per year. C) 3.2% per year. D) 1.5% per year.
Economics
If the isoquants are straight lines or L-shaped, then a cost-minimizing firm will
A) not be able to minimize costs. B) find the lowest isocost line touching the relevant isoquant. C) find the highest isocost line touching the relevant isoquant. D) choose not to produce any output.
Economics