The economy of Cuba most closely approximates:
A. laissez-faire capitalism.
B. a command economy.
C. a market economy.
D. pure capitalism.
Answer: B
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A firm that is the only seller of a product and is in sole control of a market has a
A) monopoly. B) quantity regulations. C) subsidy. D) public good.
In many corporations, there is "separation of ownership from control." What does this mean?
A) The board of directors controls corporate operations, although the managers of the corporation own the corporation. B) Top corporate managers only make decisions that have been approved unanimously by shareholders. C) The shareholders control the corporation, although the board of directors owns the corporation. D) The managers of the corporation run the corporation, although the shareholders own the corporation.