Capitialism= Economic system based on accumulation and investment of capital by individuals who then use it to produce goods or services.
Answer the following statement(s) true (T) or false (F)
Answer: True
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During the 1915–1919 fiscal years, income tax revenues comprised approximately 53% of total federal revenues. Today, over 80% of total tax revenues are raised through income taxes
Indicate whether the statement is true or false
Jewelry workers and maintenance workers both get paid $4 an hour. Their supply curves are identical. The demand curve for jewelry workers is more elastic than the demand curve for maintenance workers. An increase in the minimum wage to $5.25 an hour will create
a. greater unemployment among jewelry workers than maintenance workers b. greater unemployment among maintenance workers than jewelry workers c. a shortage of jobs among maintenance workers d. a shortage of jobs among jewelry workers e. a wage differential between the two sets of workers
The market economy is regarded as "efficient" in that:
A. It achieves the lowest rate of unemployment B. It leads to the lowest level of poverty in the society C. It directs resources towards products that the society wants most D. It puts the best people in government positions
What involves taking the risks that are necessary to seek out business opportunities?
A. Invention B. Benchmarking C. Averaging D. Entrepreneurship