The mechanism of the market system provides for________________?

Related Mcqs:

1. Socialism and communism both call for________________?

   A. government controlling parts of the economy for the common good
   B. revolutionary change
   C. abolition of private property
   D. totalitarian government and dictatorship of the proletariat

2. If the price elasticity of demand for a product in market A is -0.2 and in market B is -3 a price discriminator will charge ?

   A. The higher price in market A
   B. The higher price in market B
   C. The same Price in both markets
   D. Cannot tell which price will be higher

3. The Untied States Constitution provides for the________________?

   A. doctrine of elitist pluralism
   B. doctrine of executive privilege
   C. principle of federalism
   D. concept of polis

4. Open Market Operations occur when the government ?

   A. Reduces the interest rate
   B. Buys and sells bonds and securities
   C. Increases taxation
   D. Increase the exchange rate

5. In a free market the combination of products produced will be determined by ?

   A. Market forces of supply and demand
   B. The government
   C. The law
   D. The public Sector

6. Congestion pollution urban decay and similar side effects of the market system are termed_____________?

   A. negatives
   B. externalities
   C. internalities
   D. tangentials

7. Which of the following groups determine market transactions ?

   A. Households firms and central authorities
   B. Producers distributors consumers
   C. The executive legislative and judicial departments
   D. none of the above

8. The market system consists of planning by__________________?

   A. inducement
   B. direction
   C. command
   D. tradition

9. How are decisions about production made in a market economy ?

   A. By a command system
   B. According to tradition
   C. Through a price system
   D. By executive fiat

10. The participants in a market include_____________?

    A. households
    B. firms
    C. governments
    D. all of the above