In a market economy,
a. the government primarily determines the distribution of resources
b. prices determine the allocation of resources
c. what society produces is what it produced in the past
d. resource costs increase as specialization increases
e. absolute advantage is the primary determinant of resource allocation
B
You might also like to view...
In 2014, in the United States the sum of the balance of all three of the balance of payments accounts was
A) slightly negative. B) slightly positive. C) greatly positive. D) greatly negative. E) zero.
Which of the following DOES NOT contribute to the market power of a firm?
A) number of available substitutes B) the color of the product C) legal protections D) the number of firms in the market
Interdependence among firms is characteristic of: a. perfectly competitive markets
b. monopoly markets. c. oligopoly markets. d. monopolistically competitive markets.
An isoquant represents levels of capital and labor that
A) have constant marginal productivity. B) yield the same level of output. C) incur the same total cost. D) All of the above.