An economic system
A) is a means of organizing our use of scarce resources.
B) is efficient at allocating resources only if production decisions are made according to popular vote.
C) is efficient at allocating resources only if consumption decisions are made according to popular vote.
D) works best if based on the assumption that all goods are equally scarce.
Correct Answer:
Verified
Q1: Exchanges taking place in a price system
A)
Q2: In a market system, how are the
Q3: What is the purpose of a market
Q4: Economic growth in the United States
A) has
Q6: The condition of scarcity means that
A) when
Q7: The purpose of an economic system is
Q8: In a free market economy,
A) prices affect
Q9: Markets tend to
A) exist primarily in towns
Q10: In a price system, if the most
Q11: How does a consumer decide whether to
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