In a market economy, the people who receive the goods and services produced are those who
A. Are willing and able to pay the market price.
B. Have the most political power.
C. Need the goods and services the most.
D. Want the goods and services the most.
Answer: A
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Explain the purpose of the following figure
What will be an ideal response?
It can be said that ____ laid the foundation for the Industrial Revolution
a. the discovery of the Americas b. private property rights c. the invention of the cotton gin d. the discovery of gold e. the development of a strong judicial system
Which of the following is true about underground economies?
a. Underground economies represent a greater percentage of GDP in developing countries than in developed countries. b. Higher taxation and labor regulation are reasons why we see more underground activities c. The underground economy includes legal activities that are concealed for the purpose of tax evasion. d. all of the above
Sam, an American citizen, prepares meals for his family at home. Ellen, a Canadian citizen, commutes to the U.S. to help prepare meals at a restaurant in Idaho. Whose value of services preparing meals is included in U.S. GDP?
a. Sam's and Ellen's. b. Sam's but not Ellen's. c. Ellen's but not Sam's. d. Neither Sam's nor Ellen's.