Multiple Choice
Do markets solve all of society's problems?
A) Yes, markets are efficient and work well under nearly all circumstances.
B) Yes, markets solve the problems of production and distribution.
C) No, they do not solve problems such as unemployment and inflation.
D) No, they hardly solve any problems at all.
E) Uncertain, economic theory has no answer to this question.
Correct Answer:
Verified
Correct Answer:
Verified
Q23: Market economies are not constrained by scarcity;
Q24: The market system provides a way<br>A)to allow
Q25: A production possibilities frontier shows the combinations
Q26: Which of the following must cope with
Q27: Opportunity cost always arises when a trade-off
Q29: Economists define "efficiency" as the absence of
Q30: Economics only applies to<br>A)decision making by households.<br>B)decision
Q31: In order to make an optimal choice,
Q32: Resources are used to create goods and
Q33: Employment discrimination is a source of<br>A)economic inefficiency.<br>B)increased