In a market system, ____ distributes goods among consumers in accord with their tastes and preferences, using voluntary exchange to determine who gets what
a. a price system
b. a regulatory framework
c. a democratic government
d. a closed system
a
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If economic profits are zero, then the entrepreneur can go elsewhere and do better
Indicate whether the statement is true or false
Upwardly mobile workers who may be between jobs are considered
a. frictionally unemployed b. structurally unemployed c. cyclically unemployed d. unemployable e. discouraged workers
Appreciation is the term used to describe
a. the conversion of one currency into another currency in the free market b. a reduction in the official value of a currency. c. the upward movement of currencies in a free market. d. an increase in the official value of a currency.
In a two-country, two-commodity model, the opening of trade will necessarily lead to complete specialization in the production of one good by one country and complete specialization in the production of the other good by the other country.
Answer the following statement true (T) or false (F)