Is the United States a command economy, a laissez-faire economy, or neither? Explain
What will be an ideal response?
The United States is neither a command economy nor a laissez-faire economy. It is more accurate to describe it as a mixed economy. The U.S. basically has a free market economy, but the government is a large purchaser of goods and services and also produces some goods and services as well. In addition, the U.S. economy has significant amounts of government regulation of business.
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As compared to a firm that competes for labor, a monopsony will:
a. hire fewer workers and pay lower wages. b. hire fewer workers by pay higher wages. c. pay lower wages but hire more workers. d. pay higher wages and hire more workers.
(Last Word) In 2004, Congress passed a corporate tax relief bill with 276 provisions for tax breaks to groups such as restaurant owners, Hollywood producers, and NASCAR track owners. This is an example of the:
A. special-interest effect. B. benefits-received principle. C. paradox of voting. D. principal-agent problem.