Price is important in a market economy because it
a. eliminates imbalances between supply and demand.
b. serves as the rationing mechanism for the limited supplies of goods and services.
c. coordinates the choices of consumers and producers and brings them into harmony.
d. is all of the above.
D
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To acquire financial capital, a firm can
i. obtain a loan from a bank. ii. issue stock. iii. issue bonds. A) i, ii, and iii B) i and iii C) i only D) iii only E) ii only
In the long run in a perfectly competitive industry
A) opportunity costs are negligible. B) economic profits will be zero. C) some firms will be experiencing economic losses. D) only entrepreneurs will earn more than their opportunity costs.
With which of the following responses would the Census Bureau declare the person unemployed?
a. "I am currently working full-time but my employer is going to lay me off tomorrow." b. "I am currently working part-time but I would like to work full-time." c. "I was working at two different jobs, I lost my primary job a few weeks ago, and I am searching for a new job." d. "I would love a job but I am not looking for one because I have no chance of finding one." e. "I just turned 16 and I am looking for a job."
The predecessor to the AFL was the
A. Teamsters Union. B. Knights of Labor. C. CIO. D. The International Workers of the World.