In a market system, ____ distributes goods among consumers in accord with their tastes and preferences, using voluntary exchange to determine who gets what.
A. a price system
B. a regulatory framework
C. a democratic government
D. a closed system
Answer: A
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The term "labor" for an economist includes
A) all skilled workers, but not the unskilled workers. B) all productive contributions of humankind. C) only the value of the work done by scientists. D) all employees who have high school diplomas.
According to the purchasing power parity, if the price level in the US rises relative to Mexico
a. The dollar will appreciate relative to the peso b. The dollar will depreciate relative to the peso c. There is no effect on either currency d. None of the above
The items held constant in the study of economic theory is known as the determinants of demand and the determinants of supply
a. True b. False Indicate whether the statement is true or false
The main policy tool for manipulating consumer spending is personal income tax, but this tool takes time to have an effect
a. True b. False Indicate whether the statement is true or false