A firm in a market economy must do all of the following to succeed except
A) organize the factors of production into a functioning, efficient unit.
B) be organized as a corporation.
C) produce the goods and services that consumers want at a lower cost than consumers themselves can produce.
D) have access to sufficient funds.
B
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In November 2009, Marketopia Motors produced an automobile that was delivered to a local dealership in December 2009. The auto was then sold to Sharon Smith for personal use in February of 2010. Following national income accounting practices, this auto would be counted as part of ________.
A. consumption in 2009 and consumption in 2010 B. negative investment in 2009 and consumption in 2010 C. consumption in 2009 and investment in 2010 D. investment in 2009 and negative investment in 2010
When your outcomes depend on another's choices, asking ________ is the key to good decision making.
A. what the wants and constraints are of those involved B. what the trade-offs are C. how will others respond D. why everyone isn't already doing it
Which of the following events would allow the production possibilities curve to shift outward?
A. More teenagers enter the labor force. B. The economy's capital stock declines. C. Technology is lost. D. People begin to retire at earlier ages.
Workers may not know how much money they will need to save for retirement and may not earn enough to have income to save. These two problems
A. are known collectively as the life cycle theory of retirement. B. led economists to develop the life cycle theory of retirement. C. can be mitigated through application of the life cycle theory of retirement. D. present problems that may complicate the life cycle theory of retirement.