In a market system, the distribution of goods and services among consumers is largely determined by:
A. The willingness and ability of consumers to pay the prices
B. Whoever needs the goods and services the most
C. Whoever has the closest connection to firms and the government
D. A random factor that is almost impossible to predict
Answer: A
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Which of the following countries had a major financial crisis in 1994?
a. Malaysia b. Russia c. Mexico d. The United States e. Singapore
Which of the following would likely result if a constitutional amendment requires the U.S. government to balance its budget every year?
a. Fiscal spending would increase largely resulting in a higher government debt b. Automatic stabilizers would cease to work and the severity of economic fluctuations would worsen. c. Interest rates would become highly volatile with the increased use of discretionary monetary policies. d. Unemployment would be below its natural rate and output would be at the potential level.