The emerging market economies are
A) the nations with the highest standards of living.
B) most of the nations of Western Europe.
C) in transition from state-owned production to free markets.
D) the largest grouping including the nations of China and India.
E) the nations that are currently agricultural in nature.
C
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_______________ —a term referring to the government practice of enacting laws to regulate prices instead of letting market forces determine prices.
a. Price ceiling b. Price floor c. Price control d. Subsidies
Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased InputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$0.75The Corner Store$2.50$2.00 What is the value added of Florida Jam Company?
A. $2.00 B. $0.75 C. $1.25 D. $0.50
A reduction of inventory represents an increase in cash.
a. true b. false
A free market fails when
A) there is government intervention. B) there is an external effect in either production, consumption, or both. C) firms that produce goods which create positive externalities go bankrupt. D) firms that produce goods which create negative externalities earn high profits.