Buyers and sellers receive market signals
A. from their friends and acquaintances.
B. from news announcements of the government.
C. through the price system.
D. from the gossip columns in the newspapers.
Answer: C
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Consider the market for ride-on lawn mowers and the recent increases in the price of oil. The recent increase in the price of oil makes it more expensive to manufacture ride-on lawn mowers. An increase in the price of oil also makes it more expensive to run a ride-on mower. What factors of demand and/or supply are affected by the changing price of oil?
A. Price of related good, expectations of future B. Price of related good, price of input C. Price of input, income D. Price of input, number of buyers
Suppose that the CPI in Egypt was 111 in 2015 and 122 in 2016. The inflation rate between those two years was approximately
A) 4.8 percent. B) 5.5 percent. C) 9.9 percent. D) 11 percent.
In its simplest form, purchasing power parity would mean that a good in one country
A) would have the same exchange-rate adjusted price in another country. B) will be available for sale in another country. C) will reflect the exchange rate in another country. D) will reflect the transportation cost differences in another country.
In the former Soviet Union distributing scarce consumer goods was accomplished by
A. higher prices which eliminated some potential consumers. B. making the consumer stand in a long line for hours if not days. C. the government simply printing more money. D. None of the choices are true.