Which of the following is a main characteristic of exchanges in the market system?
A) Decisions to trade are based on individuals' self interest.
B) Exchanges are highly regulated by the government.
C) Sellers hire economists to determine the market clearing price.
D) Exchanges are part of the legislative imperative.
Answer: A
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If there is an advancement in the technology used to produce a product, what is the likely effect it may have on the supply?
A) The company would not change its manufacturing. B) It would increase the supply. C) It would decrease the supply. D) More people would be needed to produce the product.
If economies participate in the global trade of goods and services, they do not need to participate in international flows of financial payments and investments.
Select whether the statement is true or false. A. True B. False
One of the principal defects of using a commodity as money is that its worth as a:
A. commodity may exceed its worth as money, causing it to cease functioning as a medium of exchange. B. medium of exchange may exceed its worth as a store of value, causing it to cease being useful as money. C. medium of exchange may exceed its worth as a standard of account, causing it to cease being useful as money. D. unit of account may exceed its worth as a store of value, causing it to cease being useful as money.
Unions face a trade-off between higher wages and
A. equipment. B. more available positions. C. fewer available positions. D. none of these.