In capitalism,
a. there is no competition
b. most property is privately owned
c. the government sets most prices
d. there is no freedom
Ans: b. most property is privately owned
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What is the Federal Trade Commission?
What will be an ideal response?
If the current market price is above the equilibrium price, then:
a. the quantity demanded exceeds the quantity supplied. b. there will be a shortage. c. the quantity supplied will exceed the quantity demanded. d. the price will have to increase to establish equilibrium. e. demand will shift to the left.
What determines the correct level of input for labor in a firm?
a. Marginal resource cost is higher than marginal revenue product. b. Marginal revenue product is expected to exceed the wage. c. The average total cost of labor exceeds marginal revenue product. d. Marginal resource cost exceeds average total cost of labor.
If a consumer has an income of $200, the price of X is $5, and the price of Y is $10, the maximum quantity of X the consumer is able to purchase is:
A. 5 B. 10 C. 20 D. 40