Explain, with the help of an example, why socialism and capitalism are not mutually exclusive
What will be an ideal response?
Answer: While free-market capitalism remains the foundation of the U.S. economy, some important elements of the U.S. economy are socialized and have been for many years. Public schools, the postal service, much of the transportation infrastructure, various local and regional utilities, and several major health care programs all fit the economic definition of socialism. Socialism and capitalism are competing philosophies, but they are not mutually exclusive, and each approach has strengths and weaknesses, which is why most modern economies combine aspects of both.
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The bond interest expense reflected on the income statement should reflect an amount based on the
A) effective interest rate. B) stated interest rate. C) nominal interest rate. D) face interest rate.
According to most estimates, people tend to listen carefully and understand most of what they hear
Indicate whether the statement is true or false.
In a periodic inventory system, ______.
a. inventory is monitored frequently between orders b. costs associated with purchasing and ordering can be minimized c. savings due to economies of scale are not available d. physical counting and ordering of replacement items occur at different times
Calculate the steady-state probabilities for this transition matrix.
What will be an ideal response?