Multiple Choice Questions

Which of the following statements about markets and prices is correct? A. In a market system, buyers and sellers must be in face-to-face contact with each otherB. Prices affect the distribution of goods in a market system but not the allocation of resourcesC. In a market system, prices serve to ration goods and services to consumersD. The operation of a market system has little, if any, effect on the distribution of income in the economy
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  • A medium of exchange
  • Government
  • Prevention of owners of capital from exposing this resource to risk
In a market economy, the incomes of consumers depend primarily upon: A. Government policies in setting wages and interest ratesB. The quantity and prices of resources that they possessC. The amount of savings that they have accumulatedD. How closely connected they are to government and business leaders
  • market economy except: A. Government prescribes the market prices for goods and services
  • Consumer sovereignty and dollar votes
  • Costs
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Multiple Choice Questions
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