In a market system, the major coordination tasks are carried out
A. with the approval of central planners.
B. as part of the regular appropriation process of Congress.
C. irregularly by the major corporations.
D. automatically by the market mechanism.
Answer: D
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Indicators of economic activity that move at the same time as the overall economy are called ________ indicators.
A. short-term B. real C. long-term D. coincident
Which of the following is not a characteristic that makes medical care different from other commodities?
a. Demand for medical care is irregular. b. Sellers have more information than buyers. c. Third-party payers abound. d. For-profit providers play a major role in delivering medical care. e. The transaction itself if filled with uncertainty.
Adverse selection is illustrated by people who take greater risks after they purchase insurance
a. True b. False Indicate whether the statement is true or false
When L.L. Bean decides to increase its prices due to general inflation, they must reprint the millions of catalogs they produce and distribute. The costs associated with doing so in response to inflation are called:
A. shoe-leather costs. B. menu costs. C. printing costs. D. tax distortions.