In the context of global economic systems, explain a market economy.
What will be an ideal response?
A market economy exists when private enterprise reserves the right to own property and monitor the production and distribution of goods and services while the state simply supports competition and efficient practices. Management is particularly effective here since private ownership provides local evaluation and understanding, opposed to a nationally standardized archetype. This model contains the least restriction as the allocation of resources is roughly determined by the law of demand. Since the interaction of the community and firms guides the system, organizations must be as versatile as the individual consumer. Competition is fervently encouraged to promote innovation, economic growth, high quality, and efficiency. The government may prohibit such things as monopolies or restrictive business practices in order to maintain the integrity of the economy.
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Stereotyping is the tendency to judge all other groups according to the standards, behaviors and customs of one's own group
Indicate whether the statement is true or false.
A certificate of deposit is:
A. an instrument in which the maker makes an unconditional promise to pay a fixed amount of money with interest to the payee on demand. B. an instrument in which the maker makes an unconditional promise to pay a fixed amount of money without interest to the payee at the specified future time. C. the most widely used form of commercial paper that is a draft payable on demand and drawn on a bank. D. an instrument containing an acknowledgment by a bank that it has received a deposit of money and a promise to repay the sum of money.
If we are solving a 0-1 integer programming problem, the constraint x1 ? x2 is a ________ constraint
A) multiple-choice B) mutually exclusive C) conditional D) corequisite
A quorum for the United States Supreme Court consists of any three justices
a. True b. False Indicate whether the statement is true or false