The belief that the freedom to determine prices and competition without the interference of the government or the guilds would result in the best economic outcome is:
a. traditional economics.
b. command economy.
c. laissez-faire economics.
d. mixed economy.
Answer: c. laissez-faire economics.
You might also like to view...
Which of the following is subtracted from net sales revenue to arrive at gross profit on a multi-step income statement?
A) selling expense B) cost of goods sold C) sales discounts D) all of the above
Figure 14-1Figure 14-1 above depicts the communication process, which consists of ten key elements (Boxes A through J). The position labeled F is referred to as ________.
A. the feedback loop B. the response C. the message D. the fields of experience E. feedback
Why are negative reputations difficult to repair?
What will be an ideal response?
Refer to the shipping costs for The Terra Cotta Company. Solve the transportation problem using Excel Solver. (Remember that in balanced transportation problems all constraints—except the non-negativity constraints of the decision variables—should be set as an equal-to (=) sign in the Excel Solver dialogue.) At the optimum solution, which of the following statements is true?
a. The shipping costs from Aberdeen to Kalamazoo are $10,920.
b. The shipping costs from Cairo to Kalamazoo are $6,946.
c. The shipping costs from Escondido to Winston are $10,606.
d. The shipping costs from Danbury to Navarre are $10,908.