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In any economic system,scarce resources have to be allocated among competing uses.Market economies harness the forces of


A) government to allocate scarce resources.
B) supply and demand to allocate scarce resources.
C) credit cards to allocate scarce resources.
D) nature to allocate scarce resources.

E) A) and C)
F) None of the above

Correct Answer

verifed

verified

B

Suppose the United States had a short-term shortage of farmers.Which mechanisms would adjust to remove the shortage?


A) The government would provide tax incentives to encourage people to become farmers.
B) The government would subsidize the production of food.
C) The prices of food and the wages of farmers would adjust.
D) There are no mechanisms to remove the shortage.

E) A) and D)
F) All of the above

Correct Answer

verifed

verified

C

The signals that guide the allocation of resources in a market economy are


A) surpluses and shortages.
B) quantities.
C) government policies.
D) prices.

E) B) and C)
F) All of the above

Correct Answer

verifed

verified

Who gets scarce resources in a market economy?


A) the government
B) whoever the government decides gets them
C) whoever wants them
D) whoever is willing and able to pay the price

E) All of the above
F) B) and C)

Correct Answer

verifed

verified

Adam Smith suggested that an invisible had guides market economies.In this analogy,what is the baton that the invisible hand uses to conduct the economic orchestra?


A) the government
B) prices
C) subsidies
D) the Federal Reserve

E) B) and D)
F) B) and C)

Correct Answer

verifed

verified

B

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