What do economists consider the “language” of the market system?

a. cash incentives
b. market prices
c. sales promotions
d. credit cards

b. market prices

Economics

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Suppose an astronomer discovers gold on the moon. Would this gold add to the world reserves?

A) Yes, we know it exists and we could recover it. B) No, we know it exists but we can't extract the gold. C) No, there are no established property rights over the moon so they cannot add to world reserves.. D) Yes, but only if the astronomer is the resident of a developed country with well-established property rights.

Economics

The saying "Money is a veil.". means that

a. while nominal variables are the first thing we may observe about an economy, what's important are the real variables and the forces that determine them. b. money is the principal medium of exchange in most economies. c. the primary determinant of short-run economic fluctuations is not real variables, but rather changes in the money supply. d. in the long run money is of no importance to the determination of either real or nominal variables.

Economics