In a market economy, the people who receive the goods and services produced are those who
A. Have the most political power.
B. Want the goods and services the most.
C. Need the goods and services the most.
D. Are willing and able to pay the market price.
Answer: D
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Which approach to measuring money focuses on the value of currency, transaction deposits, and travelers checks?
A) near moneys B) the liquidity approach C) M2 D) the transactions approach
Assume that the market clearing price for a shirt is $20, but that the maximum price that can be charged is $15. This is an example of
A) a price control that will lead to a surplus of shirts on the market. B) a price floor that will lead to a shortage of shirts on the market. C) markets failing to ration a fixed quantity of a good. D) a price ceiling that will likely lead to a shortage of shirts on the market.