Why is a family hiring a lawn-care service part of the product market?
a. The mowing firm is presumably owned by a household that purchases products.
b. The lawn care firm must purchase products in order to complete the job.
c. The mowing firm is providing a product to a household in the form of a service.
d. The lawn care firm is providing capital to households by paying its workers’ wages.
a. The mowing firm is presumably owned by a household that purchases products.
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When a U.S. company shifts some of its production to Mexico, it is engaging in
A) involuntary exchange. B) outsourcing. C) insourcing. D) self-sufficiency.
For the late 19th and the first half of the 20th century, which of the following did NOT occur?
(a) The demand for foreign goods declined relatively as domestic income expanded. (b) Population soared. (c) Government intervention in market affairs slowed considerably. (d) The competitive economy fueled industrialization in the U.S.