Which of the following is an example of an economic institution?
A.the Muslim Blue Mosque
B.Lafayette College
C.Department of Health
D. Barone Accounting LLC
Use the drop-down menu to complete the sentence.
Contemporary government institutions are classified as monarchical, democratic,
Choose... A.Capitalism B. Authoritarian C.Market systems D.Atheism
or totalitarian.
What is one way that economic institutions sustain themselves over time?
A.by responding to changes in demand
B.by continuing production despite demand
C.by decreasing profit
D.by decreasing supply
1.D
2.A or B
3.C
Am I right?
1.D
2.B
3.A
Economic Institutions Quiz
To determine which option is an example of an economic institution, we need to understand what an economic institution is. Economic institutions are organizations or structures that play a central role in the production, distribution, and consumption of goods and services within an economy.
From the given options, "D. Barone Accounting LLC" is an example of an economic institution. It is an organization involved in providing accounting services, which is an essential part of the economic system.
To identify the classification of contemporary government institutions, we need to understand the different types of government systems. The options provided are not related to government systems directly. The correct answer would be missing from the given options.
In terms of sustaining themselves over time, economic institutions typically employ various strategies.
Option A, "by responding to changes in demand," is one way that economic institutions sustain themselves. They adapt to fluctuations in market demand by adjusting their production and service offerings accordingly.
Option B, "by continuing production despite demand," may also be a strategy utilized by some economic institutions. They may choose to continue production even during periods of low demand, in anticipation of future demand or to maintain market presence.
Option C, "by decreasing profit," is generally not a sustainable strategy for economic institutions. Decreasing profit could lead to financial instability and hinder their ability to operate effectively over time.
Option D, "by decreasing supply," is also an unlikely strategy for sustaining economic institutions. Decreasing supply without considering market demand may impact their competitiveness and profitability.
Overall, option A, "by responding to changes in demand," is the most viable strategy for economic institutions to sustain themselves over time.