The term "capitalism" refers to which of the following?
a. A religion based on amassing capital.
b. An economic system characterized by private ownership of resources, and decentralized market allocation.
c. An economic system characterized by government ownership of resources and centralized allocation.
d. None of the above answers are correct.
b
Economics
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The savings rate in an economy equals:
A) aggregate savings divided by GDP. B) GDP minus aggregate consumption. C) GDP divided by aggregate savings. D) aggregate savings multiplied by GDP.
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What has happened to resource prices in the twentieth century and what do they reveal about resource scarcity?
Economics