Mindblown: a blog about philosophy.

  • A mixed market economy tends to exist under a: A) communist government that provides little regulation.

    A mixed market economy tends to exist under a: A) communist government that provides little regulation. B) democratic government that provides some regulation. C) representative government that provides no regulation. D) socialist government that provides a lot of regulation. Answer: B) democratic government that provides some regulation. A mixed market economy is therefore an economic…

  • Which of the following statements is true of the annual percentage rate (APR)?

    1. Which of the following statements is true of the annual percentage rate (APR)? A) The APR is similar to the quoted interest rate which is a simple annual rate. B) The APR calculation adjusts for the effects of compounding and, hence, the time value of money. C) The APR is the true cost of…

  • Which of the following is not a function of money?

    Which of the following is not a function of money? a. Store of value b. Price mechanism c. Medium of exchange d. Unit of account Answer: b. Price mechanism The four primary functions of money are: Medium of exchange: Money is one of the common tools of exchange, which is used in more varied businesses…

  • In the market, actions known as incentives affect _____. (a) only consumers

    In the market, actions known as incentives affect _____. (a) only consumers (b) only producers (c) Both producers and consumers (d) Neither consumers nor producers. Answer: (c) Both producers and consumers Promoters are factors which either act as inducements to alter the behaviour of various economic units which are involved in the production and consumption…

  • In the market, actions known as incentives affect _____.

    In the market, actions known as incentives affect _____. (a) only consumers (b) only producers (c) Both producers and consumers (d) Neither consumers nor producers. Answer: (c) Both producers and consumers Promoters are factors which either act as inducements to alter the behaviour of various economic units which are involved in the production and consumption…

  • In the Gilded Age, how did monopolies affect many small businesses?

    Question: In the Gilded Age, how did monopolies affect many small businesses? Answer: In the Gilded Age, trusts were accountable for hurting a lot of little companies and this implied that there could well no longer be a lot of competition and virtually no area for new enterprise. The latter were very often squeezed out…

  • During a recession, what is one way governments try to encourage growth?

    During a recession, what is one way governments try to encourage growth? (a) by increasing unemployment benefits. (b) by requiring firms to maintain production. (c) by stopping government spending. (d) by eliminating all tax breaks. (b) by requiring firms to maintain production. Such fiscal and monetary policies like expansionary are pursued by the governments during…

  • Which statement is an accurate description of the American federal system?

    Which statement is an accurate description of the American federal system? a. The federal and state governments share powers, but the federal government has the majority. b. States can make their own choices, as they have power over all laws. c. State and federal governments are run separately, without any overlap. d. The federal government…

  • Which statement best describes a pure market economy?

    Which statement best describes a pure market economy? A) Producer intervention in economic choices is strictly forbidden. B) The government determines economic choices and makes most decisions. C) The decisions made by producers and consumers drive all economic choices. D) Producers and consumers make some economic choices while the government makes others. Answer: C) The…

  • The point at which it is no longer advantageous to buy in bulk is known as _____.

    Question: The point at which it is no longer advantageous to buy in bulk is known as _____. Answer: The correct answer is “The principle of diminishing marginal utility.” Diminishing Marginal Utility is a concept that is employed in the field of microeconomics to explain the idea that the fulfilment an individual will acquire from…

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