Which of the following is a fundamental characteristic of the market system?
A. Property rights.
B. Central planning by government.
C. Unselfish behavior.
D. Government-set wages and prices.
Answer: A
You might also like to view...
Matt loses his job and decides to sit on the beach rather than looking for work the next few months. Other things the same, the unemployment rate
What will be an ideal response?
Most doctors and hospitals operate as private businesses in all of the following countries except
A) Canada. B) Japan. C) the United Kingdom. D) the United States.
As long as price exceeds AVC, the firm is better off
A. raising its price. B. closing. C. cutting price. D. continuing production.
National income accountants measure the value of final goods and services with
A) market prices. B) fair prices. C) objective values. D) best-guess estimates as to what things are really worth.