In a market system, decisions about how to allocate resources are made:
a. by central planning boards in each industry
b. by a lottery system.
c. by individuals and firms interacting in markets coordinated by market prices.
d. by large conglomerates working cooperatively with the government.
c
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If countries have similar factors of production and similar productivities, most of their trade is likely to be intraindustry
Indicate whether the statement is true or false
A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is called
A) commercial paper. B) a certificate of deposit. C) a municipal bond. D) federal funds.
Given the information in the table shown, what is the total revenue when 23 units are produced?
This table shows price and quantity produced for a single firm in a perfectly competitive market.
A. $230
B. $10
C. $23
D. $2.30
Members of the Board of Governors are appointed by the president of the U.S. and confirmed by the U.S. Senate
a. True b. False Indicate whether the statement is true or false