Compare and contrast how people have historically treated natural resources and how this might change, using your new understanding of scarcity, conservation, and private property.
Answer: In the past people treated natural resources as an infinite source of wealth and commodity. But now that we know that there are physical limits to nonrenewable resources we have taken a new approach to preserve this resources by taking measures like natural resource management. A great example of this would be a private property regime where the resources benefits and duties fall under the owner(s).
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Answer:
A drug store is a type of business that is likely to do well even in an economic recession.
This is because drug stores sell an essential good, that often has a high price, and that is needed by many people, specially those who suffer from chronic diseases.
In other words, people will likely reduce their consumption of many other goods before reducing their consumption of prescription drugs.
Answer:
The answer is: D) A 529 Education Savings Plan
Explanation:
A 529 Education Savings Plan is designed specifically to cover educational expenses and most important, its tax free.
Coverdell Education Accounts don't allow contributions after age 18.
If the client prepays her college tuition plan, she will only cover educational unit expenses, but not all her expenses.
A five year savings bond shouldn't even be considered for this example.
Answer: D. contribution amounts remain fixed based regardless of age
Explanation:
The statements that are true about non-contributory defined benefit retirement plans include:
• contribution amounts vary based upon the age of the person covered under the plan.
• larger contributions are made for older plan participants nearing retirement than for younger ones.
• once benefit payments start, the amount of the benefit is fixed.
It should be noted that in a defined benefit retirement plan, there is variation in the contribution amounts which depends on the individual's age that's covered under the plan. Therefore, the statement that "contribution amounts remain fixed based regardless of age" is incorrect.
