32.The French term "laissez-faire" means (1 Point)there is no free lunch.let it be.circular flow.public ownership.33.An economic system (1 Point)requires a grouping of private markets linked to one another.is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.requires some sort of centralized authority (such as government) to coordinate economic activity.is a plan or scheme that allows a firm to make money at some other firm's expense.34.The term "laissez-faire" suggests that (1 Point)land and other natural resources should be privately owned, but capital should be publicly owned.land and other natural resources should be publicly owned, but capital should be privately owned.government should not interfere with the operation of the economy.government action is absolutely necessary if the economy is to achieve full employment and full production.35.An economic system (1 Point)requires a grouping of private markets linked to one another.is a particular set of institutional arrangements and a coordinating mechanism used to respond to the economizing problem.requires some sort of centralized authority (such as government) to coordinate economic activity.is a plan or scheme that allows a firm to make money at some other firm's expense.36.A fundamental difference between the command system and laissez-faire capitalism is that, in command systems, (1 Point)the division of output is decided by central planning rather than by individuals operating freely through markets.all economic decisions are made by the government, whereas there is no government in laissez-faire capitalism.scarcity does not exist, whereas it does exist in laissez-faire capitalism.money is not used, whereas it is used in laissez-faire capitalism.37.The coordination problem in the centrally planned economies refers to the idea that (1 Point)planners had to direct required inputs to each enterprise.the price level and the level of employment were inversely related.the immediate effect of more investment was less consumption.exports had to be equal to imports for a central plan to work.38.The coordination problem in the centrally planned economies refers to the idea that (1 Point)there were no fluctuations in prices and profitability to signal that more or less of certain products was desired.surpluses, but not shortages, would be quickly eliminated under the central plan.the central bank did not always send money to households in time for them to go shopping.there was no advertising to let consumers know where to go to buy products.39."Under central planning, some group has to decide how to get the necessary inputs produced in the right amounts and delivered to the right places at the right time. This is a nearly impossible task without markets and profits." This quotation best identifies the (1 Point)incentive problem under central planning.coordination problem under central planning.self-sufficiency dilemma under communism.resource overcommitment problem under communism.40.The incentive problem under communist central planning refers to the idea that (1 Point)planners had to direct required inputs to each enterprise.workers, managers, and entrepreneurs could not personally gain by responding to shortages or surpluses or by introducing new and improved products.the immediate effect of more investment was less consumption.exports had to be equal to imports for a central plan to work.41.Which of the following statements pertains most directly to macroeconomics? (1 Point)Because the minimum wage was raised, Mrs. Olsen decided to enter the labor force.A decline in the price of soybeans caused farmer Wanek to plant more wheat.National income grew by 2.7 percent last year.The Pumpkin Center State Bank increased its interest rate on consumer loans by one percentage point.