In a market system, individuals are limited as to what they can buy and in how they can spend their money
Indicate whether the statement is true or false.
Answer: FALSE
Explanation: In a market system, individuals are free to buy what they choose and free in how they can save, invest, and spend their money.
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Which of the following errors will normally result in overstatement of 2017 net income?
A) failure to record merchandise purchases in 2016 B) understatement of 2016 ending merchandise inventory C) failure to record accrued salaries expense in 2016 D) overstatement of prepaid expense in 2016
Which of the following GLOBE cultural dimensions is related to the questionnaire item--“Leaders encourage (should encourage) group loyalty even if individual goals suffer”?
A. power distance B. uncertainty avoidance C. humane orientation D. institutional collectivism
________ refer to the pay variances between job levels in an organization.
A. Factor levels B. Differentials C. Job benchmarks D. Earmarks E. Anomalies
Collector Carl displays his beer can collection at the local swap meet. Mary sees the collection and is interested in buying it. Carl says he will sell the collection for $1,500. Mary says she really likes the collection but is only willing to pay $1,000. Which of the following is correct?
A) Mary's counteroffer terminates Carl's offer of $1,500. B) If Carl rejects Mary's counteroffer, she can still accept Carl's offer of $1,500. C) Neither offer is valid. Who would ever pay $1,000 or $1,500 for a beer can collection? D) Mary's offer is an option contract and she cannot revoke the offer.