Which of the following is most consistent with a market economy?
A.) Shortages.
B.) Central planners.
C.) Government directives.
D.) Laissez faire.
D.) Laissez faire.
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On the island of Yap, 5 canoes have a value of one stone wheel known as a fei. What function of money do fei serve in this example?
A. store of value B. medium of exchange C. medium of deferred payment D. unit of account
The most significant factor enabling unions to negotiate increased wages for its members is likely: a. that unions increase the demand for labor
b. that unions decrease the supply of labor in the union sector. c. that unions increase the marginal product of labor. d. that unions increase the supply of labor in the union sector.
The retail part of the foreign exchange market does not include traders at banks trading with
A. traders at other banks. B. nonfinancial companies that sometimes want to buy and sell different currencies. C. stock brokers who trade in the assets of the firms in different nations. D. national governments.
The problem of the cartel points out that
A. the interests of consumers and duopolists conflict. B. the interests of consumers and duopolists are the same. C. the interests of consumers and duopolists are the same in output management, but conflict in pricing. D. the interests of consumers and duopolists are the same in pricing, but conflict in output management.