Which of the following items is not one of the key functions of prices in the market system?
A) coordination
B) measuring desire
C) profit
D) measuring scarcity
C
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Consider an industry that is made up of nine firms each with a market share (percent of sales) as follows:
a. Firm A: 30% b. Firm B: 20% c. Firms C, D, and E: 10% each d. Firms F, G, H, and J: 5% each What is the value of the four-firm concentration ratio and how is the industry categorized? A) 80%; strongly oligopolistic B) 70%; oligopoly C) 50%; monopolistic competition D) 75%; oligopoly
Traditional classical economists believe that: a. wage rates are perfectly flexible. b. people do not have perfect information about the economy. c. prices are fixed for long periods of time. d. the price of resources, technology, and expectations cannot influence the equilibriumlevel of real GDP
e. changes in aggregate demand change only the real GDP.
Suppose that your tuition to attend college is $24,000 per year and you spend $8,000 per year on room and board. If you were working full time, you could earn $30,000 per year. What is your opportunity cost of attending college for one year?
A. $32,000 B. $38,000 C. $54,000 D. $62,000
Accumulating debt poses a problem for the U.S. federal government because
A) it is currently in danger of defaulting on the debt. B) a large debt-to-GDP ratio causes crowding out. C) building roads and bridges do not yield enough benefits to justify their cost. D) the debt has to ultimately be paid off.