A. money is not an effective tool for exchange in a market system. B. there is an active role for government, even in a market system. C. individuals and firms should strive to be self-sufficient rather than specialize. D. command systems are
superior to market systems in the allocation of resources.
A. Private ownership of property resources.
B. Competition among buyers and sellers pursuing monetary returns.
C. The widespread use of money.
D. Freedom of enterprise and choice.
Answer: C
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Discuss the dangers of inflation; that is, why may it hurt an economy?
Explain why choice is a basic economic problem faced by every society.
What will be an ideal response?
The difference between exports and imports of goods is the
A. balance of trade. B. balance of paying. C. balance of payments. D. balance of accounts.
There is an increase in incomes due to a tech boom. Which of the following correctly captures the effect of this change on the market for gasoline?
A. Equilibrium quantity will increase, but equilibrium price will decrease. B. Both equilibrium quantity and price will decrease. C. Equilibrium quantity will decrease, but equilibrium price will increase. D. Both equilibrium quantity and price will increase.