The role of the government in a market economy involves:
a) encouraging vigorous free and fair competition among private producers
b) planning the types and quantities of goods and services to be produced
c) determining the price at which goods and services will be sold
d) mobilizing economic resources of the country for public good
Ans: a) encouraging vigorous free and fair competition among private producers
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A lien on real property, documented by a signed mortgage contract gives the lender the right to:
(a) Collect a particular interest rate on the loan. (b) Collect monthly payments for insurance and taxes and place them in an escrow account. (c) Go to court and/or sell the property if the owner defaults any of the provisions of the mortgage (d) Sell the servicing rights to the loan to another investor.
The cost method of accounting does not enable a retailer to determine gross profit until _____
a. a physical inventory is undertaken b. taxes are determined c. costs are determined d. retail prices are determined