Which of the following is not a characteristic of pure capitalism?
A. Government ownership of means of production
B. Private ownership of land
C. Worker freedom
D. Freedom of enterprise
Answer: A
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Producing a soccer ball costs Jake $5 . He sells it to Darby for $35 . Darby values the soccer ball at $50 . For this transaction, the total surplus in the market is $40
a. True b. False Indicate whether the statement is true or false
Today the typical American pays approximately what percent of income in taxes, including all federal, state, and local taxes?
a. 5 percent b. 25 percent c. 35 percent d. 50 percent
A U.S. importer purchases 5,000 British pounds for $10,000. The rate of exchange is
A. $1 = 1. B. $1 = 2. C. $1 = .5. D. $2 = 1.
Refer to Figure 5-3. With insurance and a third-party payer system, what price do consumers pay for medical services?
A) $40 B) $55 C) $65 D) > $65