Multiple Choice
The market system communicates changes in market conditions and elicits appropriate responses from businesses and resource suppliers through changes in prices. This is known as the
A) guiding function of prices.
B) monetary function of prices.
C) circular flow of income.
D) market determination of prices.
Correct Answer:
Verified
Correct Answer:
Verified
Q144: Economic profits in an industry suggest the
Q145: The invisible hand promotes society's interests because<br>A)
Q146: (Consider This) South Korea has always been
Q147: Specialization-the division of labor-enhances productivity and efficiency
Q148: (Consider This) Today, South Korea's economy<br>A) produces
Q150: The following table illustrates alternative production techniques
Q151: Examples of command economies are<br>A) the United
Q152: The following table illustrates alternative production techniques
Q153: The economies of North Korea and Cuba
Q154: Specialization in production is economically beneficial primarily