In the economic way of thinking, the identification of wealth with material objects
A) is at the foundation of modern capitalism.
B) is good economics but antithetical to religious precepts.
C) is usually rejected by socialists.
D) must be rejected because it makes no sense.
D
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Profits, rents, interest, and royalties are examples of:
A. investment. B. labor income. C. capital income. D. consumption.
When you buy previously issued shares of Twitter stock, this transaction takes place in the
A) primary market. B) bear market. C) bond market. D) secondary market.
After getting a raise at work, Jasper now regularly buys steak instead of chicken. Which factor of demand has influenced Jasper's demand for steak?
A. Price of a substitute good B. Price of a complementary good C. Income D. Preferences
Which statement about competition is true?
A. To have competition, no firm is large enough to have any influence over price. B. There is little competition between firms in the United States. C. The American automobile industry would be considered competitive if there were at least four firms in the industry. D. There is no competition in American industry.