When economists speak of markets, they primarily mean:
a. places where production of goods and services take place
b. those locations where stocks and bonds of corporations take place.
c. mechanisms that coordinate actions of buyers and sellers.
d. the trillions of dollars that change hands in the foreign exchange markets.
c
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Which of the following is TRUE regarding markets? I) Economists define a market as a geographic location where trade occurs. II) A market enables buyers and sellers to get information about each other and to buy and sell from each other
III) Markets coordinate decisions through prices. A) I only B) I and III C) II and III D) I, II and III
What is marginal social cost?
What will be an ideal response?
Debt service refers to
a. repayment of principal on the debt b. repayment of interest on the debt c. repayment of principle and interest on the debt d. banks' offers to lend e. none of the above
Microeconomics is defined as that part of economic analysis that
A) studies the behavior of the economy as a whole. B) includes the problems of inflation and unemployment. C) studies individual decision making by households and firms. D) concerns aggregate production and consumption.