In a market system, decisions about how to allocate resources are made:
A) by central planning boards in each industry.
B) by a lottery system
C) by individuals and firms interacting in markets coordinated by market prices.
D) by large conglomerates working cooperatively with the government.
E) by cartels of the largest firms in an economy.
Correct Answer:
Verified
Q47: A good economic theory:
A)must be based on
Q48: The simple circular flow model shows that:
A)firms
Q49: In a market system, one symptom of
Q50: The circular flow model shows that
A)households receive
Q51: An economic theory
A)always includes every detail that
Q53: A decrease in the price of corn
Q54: An economic theory is tested by:
A)assessing the
Q55: An economic theory:
A)should be as detailed as
Q56: An economic hypothesis:
A)can be tested using empirical
Q57: A hypothesis is a:
A)normative economic statement
B)testable proposition.
C)statement
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