Which of the following exist(s) in a command economy but not in a market economy?
a. Property rights for individuals
b. Land, labor, capital, and entrepreneurship
c. Plenty of incentives to motivates firms to produce what consumers need
d. An absence of long lines of customers at shops
e. A central authority making production and consumption decisions
Answer: e. A central authority making production and consumption decisions
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In the periods 1953-73 and 1973-95, U.S. real GDP grew at the average annual rates of about:
A. 5.1% and 7.4%, respectively B. 2.8% and 3.6%, respectively C. 7.4% and 5.1%, respectively D. 3.6% and 2.8%, respectively
Use the figure below to answer the following question.
If a price ceiling in this market is set at P1, then
A. government revenue equals area b. B. the government revenue per unit equals P2 minus P1. C. the government does not raise revenue. D. government revenue equals area d.