Answer the following statement(s) true (T) or false (F)
1. In a market economy, CEOs and other top executives own most of the resources.
2. The market system can work only if the government enforces the rules.
3. Inflation is defined as an increase in the overall price level in an economy.
4. Unemployment can occur because of seasonal fluctuations in demand.
1. False
2. True
3. True
4. True
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The manager of Slick Lens, a sunglasses manufacturer, notices that the cost to purchase lenses for their sunglasses in the spot market has fallen. As a result of the change, which of the following is true?
A) The manager has more of an incentive to integrate backward. B) The manager has less of an incentive to integrate backward. C) The manager has more of an incentive to integrate forward. D) The manager has less of an incentive to integrate forward.
When accounting profits are negative, economic profits
A) must be positive. B) will be negative. C) will equal zero. D) could be positive, negative or zero.
When a country allows trade and becomes an exporter of a good, which of the following is not a consequence?
a. The price paid by domestic consumers of the good increases. b. The price received by domestic producers of the good increases. c. The losses of domestic consumers of the good exceed the gains of domestic producers of the good. d. The gains of domestic producers of the good exceed the losses of domestic consumers of the good.
Government job analysis procedures recommend interviewing
A. the best performing employees. B. long tenure employees. C. the typical employee. D. workers just completing the probationary period.