11. Which of the following is NOT a feature of a market economy? Select one: a.

ID: 1133436 • Letter: 1

Question

11. Which of the following is NOT a feature of a market economy?

Select one:

a. the means of production is privately owned

b. economic decision making is decentralized

c. economic decisions are determined by the market

d. economic decisions are determined by the government

12. If the cross-price elasticity for two different goods is equal to 1.3, what type of goods are these?

a. substitutes

b. normal

c. inferior

d. complements

13. Which of the following is NOT associated with externalities?

a. social costs of production do not equal private costs of production

b. externalities are a type of market failure

c. externalities are inevitable and there is nothing that can be done about them

d. externalities may be positive or negative

11. Which of the following is NOT a feature of a market economy?

- economic decisions are determined by the government

12. If the cross-price elasticity for two different goods is equal to 1.3, what type of goods are these?

- substitutes (positive cross price elasticity denotes substitutes)

13. Which of the following is NOT associated with externalities?

- externalities are inevitable and there is nothing that can be done about them

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