Under a market system of resource allocation, the most important limitations on individual freedom of action are imposed by
a. tradition
b. the government
c. the scarcity of resources
d. the stagnation of the economy
e. the rigidity of the economy's rules
C
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A product is considered to be excludable if it is jointly owned by all members of a community
Indicate whether the statement is true or false
A. What is the difference between a horizontal merger and a vertical merger?
b. Give an example of each type of merger. c. Could a horizontal merger be welfare improving? What will be an ideal response?
An increase in the money supply by the Federal Reserve is likely to increase
I. consumption expenditures II. investment expenditures III. interest rates IV. the exchange rate A) I, II, III, and IV B) I, II, and III C) I, II, and IV D) I and II
The price of any factor of production in a competitive market depends on the value of the final product it is used to produce.
Answer the following statement true (T) or false (F)