QUESTION 41

In a market system, intermediaries in the exchange process are known as

		middlemen.
		free agents.
		consumers.

1 points

QUESTION 42

1. In a market system, the costs associated with exchanging goods are known as

		signaling costs.
		implicit costs.
		transaction costs.
		voluntary costs.

1 points

QUESTION 43

In a market system, what must take place for quantity demanded to continually be equated with quantity supplied?

		Price controls must be applied by governments.
		Relative prices must be able to adjust to market clearing levels.
		Tastes and preferences of consumers must adjust to eliminate surpluses or shortages.
		Businesses must engage in involuntary, unprofitable exchanges to eliminate surpluses or shortages.

1 points

QUESTION 44

In a market system, which component conveys information about what is relatively scarce and what is relatively abundant?

		the number of consumers
		the amount of resources used in producing the goods and services
		market price
		the number of producers

1 points

QUESTION 45

In a price system, changes in prices

		make it difficult for the system to function well.
		signal to policy makers what goods should and should not be taxed more.
		signal to everyone in the system what goods are relatively more or less scarce.
		imply that people have made mistakes in the past.

1 points

QUESTION 46

In economic terms, the total price of a pound of meat for an individual who has waited in line is

		the money price of the meat plus the opportunity cost of time spent waiting in line.
		the money price paid to the butcher for the pound of meat.
		the money price of meat relative to the price of bread or other necessity.
		the money price of an equal amount of meat substitute, such as beans and rice.

1 points

QUESTION 47

In the United States, government-imposed price supports are most often associated with

		commercial building products.
		consumer electronics.
		industrial products.
		agricultural products.

1 points

QUESTION 48

In the United States, the minimum wage is defined as

		the lowest hourly wage rate a firm may legally pay its workers, as legislated by the U.S. government.
		the wage ceiling above which a firm no longer must pay its employees additional benefits.
		the lowest wage that a corporation should pay a worker if the corporation wants to ensure that its employees are well trained.
		the wage that the youngest job entrant into the job market makes.

1 points

QUESTION 49

A BA B D