The price mechanism is:
A. affected by both political and social forces.
B. affected by political but not social forces.
C. affected by social but not political forces.
D. not affected by social and political forces.
Answer: A
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Which of the following is true about workers who experience structural unemployment?
a. They quickly accept a much lower salary in a different industry. b. They become unemployed due to the business cycle fluctuations. c. They sometimes enter the pool of discouraged workers. d. They tend to quit their job search very easily. e. They usually have the necessary skills to maintain their level of income in another industry.
Asymmetric information before a transaction takes place generates the problem of
A. adverse selection. B. flawed bank regulation. C. intermediation. D. bank runs.
Refer to the graph shown. At the price of $1.60, given market demand for the product:
A. the firm will make zero economic profits. B. there will be a shortage of the product. C. the firm will go out of business. D. the firm will incur losses.
The ultimatum game and the dictator game are used in economic experiments to test whether fairness is an important influence on consumer decision-making
Indicate whether the statement is true or false