Why is private ownership an important source of economic prosperity?
A) It eliminates the opportunity cost of using a resource.
B) It allows owners to do anything they want with their property.
C) It makes it possible for owners to ignore the desires of others without having to bear the cost.
D) It provides owners with a strong incentive to develop and use assets in ways that others value highly.
Answer: D) It provides owners with a strong incentive to develop and use assets in ways that others value highly.
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What triggers exit in a competitive market? Describe the process that ends further exit
What will be an ideal response?
In which of the following statements are the terms "demand" and "quantity demanded" used correctly?
A. When the price of ice cream rose, the demand for ice cream fell and the quantity demanded of ice cream toppings fell. B. When the price of ice cream rose, the quantity demanded of ice cream fell and the demand for ice cream toppings fell. C. When the price of ice cream rose, the demand for both ice cream and ice cream toppings fell. D. None of these statements uses the terms correctly.
Fiscal policy refers to government policies concerning taxing and spending.
Answer the following statement true (T) or false (F)
A change in income leads to a ________ that causes a ________.
A. change in demand; movement along the demand curve B. change in quantity demanded; shift of the demand curve C. change in demand; shift of the demand curve D. change in quantity demanded; movement along the demand curve