In a market system, what determines how goods and services will be produced?
A. Firms determine how goods and services will be produced.
B .Consumers, firms, and the government determine together how goods and services will be produced.
C. Consumers determine how goods and services will be produced.
D. The government determines how goods and services will be produced.
Ans: A. Firms determine how goods and services will be produced.
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When the demand for a good is inelastic, that good is likely to have:
A. many close complements. B. few close substitutes. C. many close substitutes. D. few close complements.
According to economists, which of the following factors can increase the economic benefits of specialization and exchange between two trading partners?
a. the use of tariffs and import quotas b. a greater difference in opportunity costs c. a closer alignment in political systems d. shared cultural values relating to work
A ________ card purchase takes money out of your checking account.
Fill in the blank(s) with the appropriate word(s).
Charging different prices to different buyers for different products is called price discrimination.
Answer the following statement true (T) or false (F)