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The Market System and the Circular Flow

The Market System and the Circular Flow



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Market economies use capital goods because they improve productive efficiency.

True False


Money functions as a medium of exchange by eliminating the need for a coincidence of wants.

True False


Consumer sovereignty means that legislation now protects the rights of consumers to dispose of their incomes as they see fit.

True False


Specialization may expand total output even though the individuals involved may have identical abilities.

True False


The wants of consumers are expressed in the product market with "dollar votes."

True False


Costs can be defined as total payments made to workers, land owners, and capital suppliers less payments to the entrepreneur for organizing and combining the other resources used to produce a good.

True False


Continued losses in an industry will cause some firms to reduce output or eventually leave the industry.

True False


The guiding function of prices tends to keep resources flowing toward their most highly valued uses.

True False


The invisible hand refers to the many indirect controls that the federal government imposes in a market system.

True False


Central planning in the Soviet Union and pre-reform China emphasized the expansion of the production of consumer goods to raise the domestic standard of living.

True False


Central planning often suffers from a coordination problem and an incentive problem.

True False

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