At the End of a Year, a Motor Car Company

question 3

Multiple Choice

At the end of a year, a motor car company announces that sales of a pickup are down 43% for the year. If sales continue to decrease by 43% in each succeeding year, how long will it take for sales to decrease to zero?

• A)1 year
• B)2 years
• C)3 years
• D)4 years
• E)More than 4 years

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Definitions:

Difference Principle

A social and economic principle that inequalities are only justified if they benefit the most disadvantaged members of society.

Egalitarian Principle

A philosophical doctrine emphasizing equality in rights and opportunities among people.

Market-based Approach

An economic strategy that relies on market forces such as supply and demand to address issues and allocate resources.

Socialized Approach

A method or practice where resources are owned, managed, and provided by the community as a whole or by a government, often emphasizing universal access to goods and services.