Scenario 4-1 In a Given Year, Country a Exported $12 Million Worth

question 38

Multiple Choice

Scenario 4-1
In a given year, country A exported $12 million worth of goods to country B and $6 million worth of goods to country C; country B exported $4 million worth of goods to country A and $7 million worth of goods to country C; and country C exported $5 million worth of goods to country A and $2 million worth of goods to country B.
-In a market economy, _____ own(s) all the basic resources or factors of production.

• A)households
• B)the federal government
• C)the Federal Reserve bank
• D)the local government
• E)business firms

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Definitions:

Original Equipment Manufacturer

An entity that produces parts and equipment that may be marketed by another manufacturer.

Producer

An individual, group, or organization that creates goods or provides services, typically for sale.

Business Customers

Organizations that purchase goods or services for use in the production of other services or products that are sold, rented, or supplied to others.

Institutional Buy

A purchase made by an institution or organizational entity, often involving large quantities of items or significant investment.