Which of the following statements best describes the role played by prices in a command economy such as the former Soviet Union?
a. Prices were used to allocate resources.
b. Prices played the same role as in a market economy.
c. Prices were used to ration final goods and services but not to allocate resources.
d. None of these statements is descriptive.
Question 2
Which of the following correctly describes the spending multiplier?
a. The initial change in consumption, investment, government spending, or net exports divided by the change in equilibrium GDP.
b. An initial increase in aggregate expenditures divided by the equilibrium GDP.
c. An initial increase in aggregate expenditures divided by the change in equilibrium GDP.
d. The ratio of the change in real GDP to an initial change in any component of aggregate expenditures.
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Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...