What two important functions are performed by the price system?
What will be an ideal response?
(1.) The price system is an automatic mechanism for distributing goods and services.
(2.) The price system determines the allocation of resources among producers and the final mix of outputs.
Economics
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National income equals
A) net national product minus statistical discrepancy. B) gross national product minus depreciation. C) GNP minus depreciation and taxes on production and imports. D) net national product minus taxes on production and imports and employer contributions to Social Security.
Economics
The antitrust laws regulate all of the following business decisions except ____
a. collusion b. mergers c. monopolistic practices d. price discrimination e. wage levels
Economics