Consumer sovereignty and "dollar votes" guide the market system in dealing with which fundamental economic question?
A. Which output will be produced?
B. How is the output to be produced?
C. How can the system accommodate change?
D. Who is to receive the output?
Answer: A
Economics
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The real exchange rate is an adjustment of the nominal exchange rate to account for
a. inflation at home and abroad b. supply and demand in the market c. government's assessment of its value d. currency amounts held by governments e. none of the above
Economics
The trade-to-GDP ratio is calculated by
A) exports divided by GDP. B) imports divided by GDP. C) exports plus imports divided by GDP. D) exports minus imports divided by GDP.
Economics