Which is a major feature of the market system?
A. Reallocation of all resources from private to public uses.
B. The right to own private property and control resource uses.
C. Central planning by government to provide goods and services.
D. Government-established prices in all markets.
Answer: B
You might also like to view...
Use Tobin's q theory and the neoclassical theory of investment to explain why investment rises so rapidly once the economy has passed the trough of a business cycle
What will be an ideal response?
Suppose the supply of non-OPEC oil increases due to new petroleum discoveries in other countries. What happens OPEC's share of the world oil market?
A) Increases B) Decreases C) Remains the same D) We do not have enough information to answer this question.
In an open economy, gross domestic product equals $1,650 billion, government expenditure equals $250 billion, and savings equals $550 billion. What is consumption expenditure?
a. $250 billion b. $300 billion c. $550 billion d. $850 billion
The number of people willing to buy tickets to the Super Bowl is invariably greater than the number of tickets (and seats) available. This is evidence that the price of the tickets is
What will be an ideal response?