In a market system, the what, how and for whom questions in economics are determined by
A) those who are not in the market.
B) buyers and sellers together.
C) the central authority.
D) no one.
Answer: B
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a. inelastic b. elastic c. perfectly elastic d. perfectly inelastic
If a person is taxed $100 on an income of $1,000 . taxed $220 on an income of $2,000 . and taxed $390 on an income of $3,000 . this person is paying a(n):
a. progressive tax. b. poll tax. c. regressive tax. d. excise tax. e. proportional tax.
In a traditional economy, innovation is encouraged
a. True b. False Indicate whether the statement is true or false
Which of the following is an outcome of high and variable inflation?
a. Incentives in the economy to adjust in response to changes in prices are stronger. b. Penalties in the economy to adjust in response to changes in prices are weaker. c. Penalties in the economy to adjust in response to changes in prices are weaker. d. Incentives in the economy to adjust in response to changes in prices are weaker.