The United States is a fairly good example of
a. a mixed economy.
b. a pure market system.
c. a government-dominated economy.
d. a manufacturing economy.
e. a transitioning economy.
a
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When you make a purchase at a retail store by giving your bank an instruction to transfer funds directly from your bank account to the store's bank account, you have most likely made the purchase using
A) a loan. B) a debit card. C) credit. D) cash.
If the percentage increase in price is 15 percent and the value of the price elasticity of demand is -3, then quantity demanded
A) will increase by 5 percent. B) will decrease by 5 percent. C) will increase by 45 percent. D) will decrease by 45 percent.
Buddy is the owner of a firm that bottles beer in St. Louis, Missouri. There are many other such firms in the area. Buddy decides that if he pays his workers a wage higher than the going market wage, his profits will increase. Which of the following is a likely explanation for his decision?
a. The higher the wage, the less often his workers will choose to leave his firm. b. The higher the wage, the lower will be the costs of obtaining needed supplies. c. The higher the wage, the more he can charge for his beer d. The higher the wage, the more he will have to monitor his workers for shirking.
Average product is calculated by dividing total product by the
A. quantity of the variable input. B. production function. C. quantity of the fixed input. D. amount of variable and fixed inputs employed.