Identify the three types of economic systems. How do these three types of economic systems differ from each other? How are they the same?
What will be an ideal response?
Ans: The three types of economies are market, command, and mixed. With market economy, everything is privately owned, meaning that citizens can trade with each other without government intervention. Command economy on the other hand, has an economy that is owned by the state. They control prices, services the country produces, and quantity at which goods are produced. Mixed economies lie in the middle of the two. Certain sectors are owned privately while others are controlled by the state.
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Interviews with industry experts individuals knowledgeable about the firm and the industry may help formulate the marketing research problem. Which of the following statements is true about interviews with industry experts?
A) These experts may be found both inside and outside the firm. B) Typically, expert information is obtained by unstructured personal interviews without administering a formal questionnaire. C) It is helpful to prepare a list of topics to be covered during the interview. D) All of the above are true.
Which of the following is false concerning the duration and termination of bailments?
A) A bailment for a fixed period term can be terminated at any time by either party. B) A gratuitous bailment can generally be terminated at any time by either party. C) Where commingled fungible goods are involved, identical equivalent goods may be returned by the bailee. D) Upon termination of the bailment the bailee is legally obligated to do as the bailor directs with the property.