Multiple Choice
The major virtues of the market system include all of the following, except
A) it promotes an efficient allocation of resources.
B) it leads to equality in the distribution of income.
C) it provides incentives for greater production and higher incomes.
D) it emphasizes the freedom to pursue self-interest.
Correct Answer:
Verified
Correct Answer:
Verified
Q51: The presence of market failures implies that<br>A)
Q52: Even if prices are fixed and competition
Q53: Barter<br>A) is the major means of exchange
Q54: What role does freedom play in capitalism?
Q55: Payments that a firm makes to obtain
Q57: What conditions are necessary for economic competition
Q58: The simple circular flow model shows that
Q59: In a market system, the distribution of
Q60: In the simple circular flow model,<br>A) households
Q61: Which of the following is assumed to