Which of the following societies is the most likely to have a traditional economy?
A. United States
B. the Inuit (native people of Northern Canada)
C. Cuba under Castro's rule
D. modern-day Hong Kong
Answer: B
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In larger markets, the quest for profit by firms motivates them to be innovative and produce new and more appealing products
Indicate whether the statement is true or false
Refer to Figure 11-11. Constant returns to scale
A) occur between 10,000 and 20,000 pictures frames per month. B) occur for output rates greater than 5,000 picture frames. C) occur between 5,000 and 20,000 picture frames per month. D) will shift the long-run average cost curve downward.
Which of the following statements about the Social Security (OASDI) program is FALSE?
A) Benefits are paid to individuals who would be financially secure in their absence. B) Benefits are based on need. C) Benefits are an intergenerational transfer program from those who work to those who don't work. D) When an insured worker dies, benefits continue for widows or other dependents.
If losses are unavoidable in an uncertain world, then
What will be an ideal response?