How are the fundamental economic decisions determined in Cuba?
A) The United Nations decides because Cuba is a developing economy.
B) These decisions are made by the country's elders who have had much experience in answering these questions.
C) The government decides because Cuba is a centrally planned economy.
D) Individuals, firms, and the government interact in a market to make these economic decisions.
C
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The fundamental force that drives international trade is
A) absolute advantage. B) importation duties and tariffs. C) export licenses. D) comparative advantage.
When the minimum wage is set above the equilibrium wage rate, the number of hours of labor employed is determined by the ________ and the ________
A) supply of labor; minimum wage B) demand for labor; supply of labor C) supply of and demand for labor; the minimum wage D) demand for labor; minimum wage