In a market system, the what, how and for whom questions in economics are determined by
A) those who are not in the market.
B) buyers and sellers together.
C) the central authority.
D) no one.
B
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Which of the following pairs of goods are substitutes?
A) Baseball bats and baseballs B) Hot dogs and mustard C) Computer hardware and software D) Gasoline and motor oil E) Owner-occupied housing and rental housing
Answer the following statements true (T) or false (F)
1) The amount of investment in an economy is ultimately limited by the amount of savings in that economy. 2) Increasing investment in the present means forgoing future consumption. 3) A nation that wants to invest in more newly created capital in the present must be willing to forgo present consumption. 4) Banks and other financial institutions provide the link between savers and economic investors in the macroeconomy.