List and describe the two major jobs performed by price
Prices serve as: (1 ) a rationing device and (2 ) a means of transmitting information. Since wants are unlimited and resources are limited, scarcity exists which requires a rationing device to determine who will be able to purchase the resource or good. If a buyer can pay the price of a resource (or good), then they can purchase it, if not they will not be able to purchase it. Price also serves to transmit information since an increase in price conveys that the item in question has become relatively scarcer.
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During the 20th century, the agricultural sector experienced an increase in
(a) the number of operating farms. (b) the farm population. (c) the farm output. (d) all of the above.
The Federal Reserve System is owned by
a. federal government agencies such as the Treasury b. the Congress of the United States c. the banks that are members of the Federal Reserve System d. the legislatures of all 50 states e. people who have deposits in member banks