Discuss the three fundamental economic questions that all nations must address.
What will be an ideal response?
The three fundamental economic questions are the "What," "How," and "For Whom" questions which must be addressed by all societies. The "What" question pertains to what should the nation produce. What combination of goods would be best? How should that combination of goods be produced is the "How" question. We want to produce goods in the most efficient manner in order to maximize production. The "For Whom" question addresses for whom should these goods be produced. Who will get them?
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Which of the following is NOT identified by your text as a challenge to doing business in China?
A) Issues related to the business climate, such as taxes B) The availability of credit C) Licensing requirements D) Failure to protect intellectual property E) Poor infrastructure and port facilities to support export of products
Why would a member of a cartel cheat?
What will be an ideal response?