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The Market System and the Circular Flow

The Market System and the Circular Flow

Question

109.

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Market economies use capital goods because they improve productive efficiency.

True False

110.

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

True False

111.

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

True False

112.

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

True False

113.

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

True False

114.

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

115.

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

True False

116.

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

True False

117.

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

True False

118.

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

119.

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

True False



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