Under a market system of resource allocation A. prices determine what consumers buy while the government determines what firms produce B. prices determine what firms produce while the government determines what consumers buy C. prices determine both what firms produce and what consumers buy D. the government allocates resources while prices allocate goods and services

Under a market system of resource allocation A. prices determine what consumers buy while the government determines what firms produce B. prices determine what firms produce while the government determines what consumers buy C. prices determine both what firms produce and what consumers buy D. the government allocates resources while prices allocate goods and services

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter2: Economic Systems And The American Economy

Section: Chapter Questions

Problem 4AA

See similar textbooks

Similar questions

In a market economy the price of something or someone's labor (including wages and salaries paid to sports stars) are determined by: Group of answer choices the government. the social desirability of the product or the service provided. demand and supply.
Using a practical example, explain some of the reasons why the market fails to allocate resources efficiently
Q1: How does a price ceiling set below the equilibrium level affect the quantity demanded and quantity supplied?Q2 : Explain the concept of the Production Possibilities Frontier.Q3 : Calculate Maria's opportunity cost of reading 120 pages of Sociology if she can read 80 pages of Economics in an hour. She can also read 40 pages of Sociology in an hour. She spends 6 hours per day studying.
What is a market?a. Name five types of markets in which you participate.b. What markets trade economic resources?
consumers demand for goods and services, which drives production, is the main element of _____ economy? a) command style demand-side b) fee market demand-side c) free market supply-side d) command style supply-side
Multiple choice questions and write its reason . 1. Micro economics theory deals with (a) Economic behavior of individual economic decision making units; (b) Economy as a whole ; (c) Trade relations ; (d) Economic growth of the society 2. Which of the following is a central problem of every economy (a) Abundance of resources ; (b) Scarcity of economic resources ; (c) Poverty; (d) Moral and ethical values 3. Equilibrium relates to which of these (a) Market condition which oscillate ; (b) Market state of falling price; (c) Market condition of rising price ; (d) Market conditions which once achieved tends to persist 4. Normative economic theory deals with (a) What is or how the economic problem facing the society are solved; (b) How the problem should be solved ; (c) What to Produce ; (d) How to produce 5. In a mixed economy which sector(s) is/ are found (a) Private Only ; (b) Public sector only ; (c) None ; (d) Both a and b 6. In economic theory the term “means” refers to (a)Resources…
If executives of various firms met in a smoke-filled hotel room to fix prices and to allocate which firms will produce what quantity of the good or service, then what are they doing?
The forces that make market economies work are a.price and quantity. b.demand and supply. c.the Senate and House of Representatives. d.the Constitution and the Bill of Rights.
1. In a command system a) self-interest motivates and commands each business firm's decisions and actions. b) the head of each family decides and commands what to do with the family's resources. c) a government-appointed planning board makes production and allocation decisions. d) market traders command what outputs are produced and how they are allocated.
In about 300 words explain why prices are an important aspect of how goods and services are allocated in a market economy. Pick an example of a good or service and explain the role that its price plays in determining who received it.
What is a free market a) a store where goods are free b) an economy controlled by the government c) a system based on competition between privately owned businesses offering a similar product or service d) factories that do not have to pay rent
What is commodity A.something that producers unable to sell to consumers B.A resource that is available in unlimited quantities C.An exchange between a producer and a consumer D.something of value that can be bought sold or traded

SEE MORE QUESTIONS

Recommended textbooks for you

Economics Today and Tomorrow, Student Edition

Economics

ISBN:

9780078747663

Author:

McGraw-Hill

Publisher:

Glencoe/McGraw-Hill School Pub Co

Microeconomics: Principles & Policy

Economics

ISBN:

9781337794992

Author:

William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:

Cengage Learning

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

Economics Today and Tomorrow, Student Edition

Economics

ISBN:

9780078747663

Author:

McGraw-Hill

Publisher:

Glencoe/McGraw-Hill School Pub Co

Microeconomics: Principles & Policy

Economics

ISBN:

9781337794992

Author:

William J. Baumol, Alan S. Blinder, John L. Solow

Publisher:

Cengage Learning

Microeconomics A Contemporary Intro

Economics

ISBN:

9781285635101

Author:

MCEACHERN

Publisher:

Cengage

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	A.	prices determine what consumers buy while the government determines what firms produce
	B.	prices determine what firms produce while the government determines what consumers buy
	C.	prices determine both what firms produce and what consumers buy
	D.	the government allocates resources while prices allocate goods and services