Even countries that depend primarily on market forces to resolve the basic economic questions will usually rely on the collective decision-making process to
a. determine the prices of goods and resources.
b. allocate goods that are essential to life.
c. determine the distribution of income among citizens.
d. define and enforce private-property rights and designate the acceptable forms of competitive economic behavior.
D
You might also like to view...
The slope of the aggregate supply curve becomes steeper, the faster the costs of production adjust to prices and the smaller the amount of excess capacity in the economy
a. True b. False Indicate whether the statement is true or false
The recession of the early 1990s was triggered by a decrease in aggregate supply
Indicate whether the statement is true or false
Two countries that specialize their production along the lines of comparative advantage and then trade with each other will be able to:
A. both produce and consume more. B. produce less and consume more. C. produce more and consume less. D. both produce and consume less.
If aggregate output equals planned aggregate expenditure, then
A. unplanned inventory adjustment is positive. B. unplanned inventory investment is zero. C. actual investment is greater than planned investment. D. unplanned inventory adjustment is negative.