When economists describe "a market," they mean
A. any place where, or mechanism by which, buyers and sellers interact to trade goods, services, or resources.
B. any place where stocks and bonds are traded.
C. a hypothetical place where the production of goods and services takes place.
D. a communication network that allows individuals to keep in touch with each other.
Answer: A
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According to this Application, economist Daron Acemoglu categorizes which of the following as participatory institutions?
A) democracies, monarchies, and dictatorships B) constitutionally limited monarchies and democracies C) tightly controlled oligarchies, democracies, and constitutionally limited monarchies D) monarchies, dictatorships, and tightly controlled oligarchies
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A) applies to proprietorships only. B) applies to proprietorships and partnerships only. C) applies to corporations only. D) applies to all forms of business.
Purchases of foreign assets by U.S. residents are tabulated in the U.S. balance of payments as a:
A. capital inflow. B. capital outflow. C. current account outflow. D. unilateral transfer.
The Federal Reserve System was established by the Federal Reserve Act of:
A. 1913 B. 1933 C. 1945 D. 1955