According to the textbook, what are the two key political functions of government in a market economy?
What will be an ideal response?
The two functions of government that are political rather than economic include (1 ) the regulation and provision of government-sponsored and government-inhibited goods, and (2 ) income redistribution.
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In a market economy, what encourages firms to develop new products and production processes?
A) contracts B) insurance C) patents D) accounting rules
Sam's Semiconductors produces computer chips, which it sells for $10 million to Carl's Computer Company (CCC). CCC's computers are sold for a total of $16 million. What is the value added of CCC?
A) $6 million B) $10 million C) $16 million D) $26 million
Retained earnings are the same thing as “plowback.”
Answer the following statement true (T) or false (F)
Which of the following is true of union membership rates in the United States?
a. The rate for males is greater than the rate for females because there are more males in the service sector. b. The rate for males is greater than the rate for females because there are more females in the service sector. c. The rate for whites is greater than the rate for blacks because there are more blacks in the service sector. d. The rate for blacks is greater than the rate for whites because there are more whites in heavy industry. e. The rate for blacks is less than the rate for whites because there are more whites in heavy industry.