Economists believe that, in a market system,
A) trade takes place at the insistence of government authorities.
B) individual preferences do not matter.
C) individuals behave in an altruistic manner.
D) prices are the only pieces of information to which anyone has access.
E) self-interest is channeled so that it motivates people to coordinate activity.
Correct Answer:
Verified
Q1: Without market coordination,
A)violent force is necessary to
Q2: Adam Smith wrote a book called
A)Invisible Hand.
B)The
Q3: The primary problem with nonmarket economic coordination
Q4: A strength of the market system is
Q6: The "invisible hand" is a term coined
Q7: The market system
A)was born during the first
Q8: Which of the following statements is true?
A)In
Q9: The competitive equilibrium model
A)describes in detail how
Q10: A market
A)must be located in a single
Q11: It is easier for buyers and sellers
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