The market system provides a way
A. to allow specialization and exchange to work in tandem.
B. to improve the well-being of mankind.
C. to harness self-interest.
D. to allocate goods and services.
E. All of the responses are correct.
Answer: E
Economics
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The ________ system of currency exchange was set up in 1944
A) managed float B) flexible C) gold standard D) Bretton Woods
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If an increase in the price of a product from $1 to $2 per unit leads to a decrease in the quantity demanded from 100 to 80 units, then the value of price elasticity of demand is
a. elastic b. inelastic c. unit elastic d. suggestive of an inferior good e. equal to -20
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