Vermont Computers is a manufacturer of computers on the large,but isolated,island nation of New Vermont.Although imports are extremely limited,but there are a handful of computer manufacturers in addition to Vermont Computers.While the government provides some services,such as public education and a well-maintained road system,almost all businesses are privately owned.Home ownership is unusually high,with 80 percent of all families owning their own home.Vermont Computers is selling a state-of-the-art computer for 1,299 veros (the local currency).At this price,the company can fill all orders,but they have no waiting list.What type of economic system exists in New Vermont? Support your conclusions.
Correct Answer:
Verified
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q101: Explain what happens when the demand curve
Q109: Explain the role of both profit-seeking businesses
Q110: Compare and contrast the four degrees of
Q222: What are the factors of production? Explain
Q223: "All the different economic systems of the
Q228: Inaccuracies in forecasting an exact supply-demand schedule
Q233: Discuss the government's role as: (a) a
Q241: What problems are evident in Canada's supply
Q244: Describe monopoly in terms of the number
Q246: Explain the effects of monopolies on consumers
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents