11. In a socialist economic system: A. Markets are relied upon to decide what to
ID: 1121502 • Letter: 1
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11. In a socialist economic system: A. Markets are relied upon to decide what to produce, but government intervenes when necessary B. Individuals tell government what to produce and the government decides how best to achieve that goal. C. Government planning boards decide what to produce, but rely on markets to achieve that goal D. Government planning boards decide what to produce and then give individuals directives how to achieve those goals 12. A defining difference in what makes a firm a sole proprietorship, partnerships, ora corporation is the: A. Size of each type of business. B. Number of each type of business. C. Nature of ownership and accountability for each type of business. D. Profitability of each type of business. 13. The law of demand states that the quantity demanded of a good is inversely related to the price of that good. Therefore, as the price of a good goes: A. Up, the quantity demanded also goes up. B. Up, the quantity demanded goes down. C. Down, the quantity demanded goes down. D. Down, the quantity demanded stays the same. 14. Which of the following would likely result in an increase in the demand for beef? A. A decrease in the supply of beef B. An increase in family incomes C. An increase in the price of feed grains for cattle D. A decrease in the price of pork 15. According to the law of supply, what will motivate firms to increase their quantity supplied of a product? A. Production cost B. Fixed cost C. Price D. Supply 16. Which of the following will move the supply curve for housing in Florida, a popular retirement state, to the left? A. Increasing the number of people who are retiring B. Increase in the cost of insurance C. Higher real-estate prices D. Higher construction costsExplanation / Answer
11). D). In a socialist market, the government decided what to produce and then give other people directives on how to produce it. Example: China
12). C). Nature of ownership and accountability for each type of business.
Sole propreitorship = not accountable to anyone
partnership - accountable to each other
corporation - accountable to stakeholders and general public
13). B. Goes up, quantity demanded goes down
14). B). An increase in family income will raise people's real income levels, thereby shifting the market demand for curve to the right for beef.
15). C). Price. Law of supply states that higher prices of a firm's product in the market will make a firm produce more and supply more, keeping all things constant
16). D). Hiher constuction cost will shift the supply curve for houses to the left. All other factors are demand side factors
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