According to the textbook, the dramatic global shift toward market capitalist economies in the 1980s and 1990s is in large part the result of:
A) an emphasis on individual ownership and decision making power yielding freedom not available under socialist systems.
B) the philosophical and theoretical arguments of communism and socialism being finally proved correct.
C) the realization that government controls will allocate resources on the basis of comparative advantage.
D) a shift to more capital-intensive production.
Ans: A) an emphasis on individual ownership and decision making power yielding freedom not available under socialist systems.
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In the short run, a decrease in the money supply will lead to a(n): a. decrease in Gross Domestic Product. b. increase in the price level
c. increase in aggregate demand. d. increase in the demand for money. e. decrease in the market interest rate.
The economizing problem is essentially one of deciding how to make the best use of
a. limited resources to satisfy limited wants. b. unlimited resources to satisfy limited wants. c. limited resources to satisfy virtually unlimited wants. d. unlimited resources to satisfy unlimited wants.