. The market price system provides a highly efficient mechanism for disseminating information about relative scarcities of
a. the quantity supplied minus the quantity demanded.
b. surpluses, shortages, and quantity.
c. goods, services, labor, and financial capital.
d. price controls and equilibrium prices.
c. goods, services, labor, and financial capital.
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If a country is a price taker for a good in the world market, ________
A) its consumption and production decisions of the good play a key role in determining world prices B) its consumption and production decisions of the good do not affect world prices C) its demand for the good remains the same irrespective of changes in world prices D) it is the only exporter of the good in the world market
Liabilities consist of anything of value that is owned and assets are things that are owed to someone else
Indicate whether the statement is true or false