Buyers and sellers receive signals from markets
A) by listening to the TV news programs.
B) through the price system.
C) from the gossip columns in the newspapers.
D) from their friends and acquaintances.
B
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Use the following table to answer the question below for Country Y. Column 1 is the world price of a product, Column 2 is the quantity demanded domestically (Qdd), and Column 3 is the quantity supplied domestically (Qsd). Assume the small-country model is applicable.PriceQddQsd$9.002504508.003004007.003503506.00400300Assume the small-country model is applicable. If the world price of the product is $6, then Country Y will
A. import 400 units of the product. B. import 100 units of the product. C. export 100 units of the product. D. export 300 units of the product.
If the annual inflation rate in an economy is positive, the purchasing power of a dollar kept in a bank:
A) will decrease over time. B) will remain the same over time. C) will increase over time. D) can increase or decrease depending on the economic growth rate.
When borrower-spenders raise funds in financial markets, they issue new securities in the
A) primary market. B) secondary market. C) third market. D) fourth market.
With a linear production function in labor only, which of the following must be true?
A) The representative household works as much as possible. B) The representative firm makes large profits. C) The real wage equals total factor productivity. D) The marginal product of labor exceeds the real wage.