Which of the following characteristics is least unique to a market system?
A. the widespread use of money
B. freedom of enterprise and choice
C. private ownership of property resources
D. competition among buyers and sellers pursuing monetary returns
Answer: A. the widespread use of money
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The De Beers Company blocked competition
A) by controlling the supply of most of the world's high-quality bauxite, the mineral used to produce aluminum. B) in the diamond market by controlling the output of most of the world's diamond mines. C) in the market for fresh and frozen cranberries because it controls about 80 percent of the cranberry crop. D) because it has lower production costs than other department stores due to economies of scale.
One of reasons the government may choose to spend would be the:
A. real interest rates decrease. B. real interest rates increase. C. government expected to earn a large return on its spending. D. beliefs about what citizens may need.
In order to produce 100 oatmeal cookies, Goodie Cookie Co incurs an average total cost of $0.25 per cookie. The company's marginal cost is constant at $0.10 for all oatmeal cookies produced. The total cost to produce 50 oatmeal cookies is _____
a. $25 b. $20 c. $50 d. $60
The World View article "U.S. Slaps China with Huge Anti-Dumping Tariffs" says new tariffs will be imposed on steel from China, and
A. Consumers will benefit from this U.S. trade policy. B. Chinese consumers will benefit. C. U.S. steel distributors will gain from the tariff. D. U.S. steel producers will benefit from the tariff.