The market system's answer to the fundamental question "How will the system promote progress?" is essentially:
A. "Through government-funded research programs."
B. "Through redistribution of income to promote greater equality."
C. "Through training and retraining programs."
D. "Through the profit potential that encourages development of new technology."
Answer: D
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Refer to Table 14-4. Does Alistair have a dominant strategy and if so, what is it?
A) There are two dominant strategies: if Baine increases its advertising budget, then Alistair's best bet is to keep its budget the same but if Baine does not increase its budget then Alistair should raise its advertising budget. B) Yes, Alistair should increase its advertising budget. C) Yes, Alistair should keep its advertising budget as is. D) No, there is no dominant strategy.
The questions that an economic system attempts to solve include
A) what to produce. B) how to produce items. C) for whom items are produced. D) all of the above.
Crowding out refers to a(n)
a. decrease in the amount of goods produced after too many goods have crowded onto the market b. business tactic used to steal a competitor's customers c. increase in one sector's spending caused by an increase in another sector's spending d. decrease in the price level after too many goods have crowded onto the market e. decline in one sector's spending caused by an increase in another sector's spending
Explain why government, rather than private firms, is required for efficient mosquito eradication programs.
What will be an ideal response?