1. In socialism: A. economic forces do not operate. B. individuals are encourage
ID: 1173264 • Letter: 1
Question
1. In socialism:
A. economic forces do not operate.
B. individuals are encouraged to act for their own benefit.
C. government planning, rather than the market, is relied upon to coordinate economic activity.
D. distribution is determined by the individual's ability.
2. If the supply of a product is inelastic, this implies that a specific percentage change in price leads to:
A. an equal percentage change in the quantity supplied.
B. a larger percentage change in the quantity supplied.
C. a smaller percentage change in the quantity supplied.
A. no percentage change in the quantity supplied.
A. .
falls, quantity sold increases, and total revenue increases.
B.
B. falls, quantity sold increases, and total revenue decreases.
C.
increases, quantity sold decreases, and total revenue increases.
D. iincreases, quantity sold decreases, and total revenue decreases.
A. economic forces do not operate.
B. individuals are encouraged to act for their own benefit.
C. government planning, rather than the market, is relied upon to coordinate economic activity.
D. distribution is determined by the individual's ability.
Explanation / Answer
1
C. government planning, rather than the market, is relied upon to coordinate economic activity.
A. an equal percentage change in the quantity supplied.
increases, quantity sold decreases, and total revenue increases.
C. government planning, rather than the market, is relied upon to coordinate economic activity.
2
A. an equal percentage change in the quantity supplied.
3
increases, quantity sold decreases, and total revenue increases.
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