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Questions and Answers
What does the price system in a market economy provide signals about?
What does the price system in a market economy provide signals about?
- How much money buyers and sellers should spend
- What goods and services should not be produced
- What goods and services should be produced (correct)
- How much money buyers and sellers should make
Which of the following is an example of an economic shortage?
Which of the following is an example of an economic shortage?
- Water surplus
- Water abundance
- Water shortage (correct)
- Water scarcity
Which of the following best describes a shortage?
Which of the following best describes a shortage?
- When the quantity demanded and the quantity supplied of a good are unknown
- When the quantity demanded of a good is greater than the quantity supplied (correct)
- When the quantity demanded and the quantity supplied of a good are equal
- When the quantity supplied of a good is greater than the quantity demanded
What are a few examples of common types of economic shortages?
What are a few examples of common types of economic shortages?
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Which of the following best describes a surplus?
Which of the following best describes a surplus?
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What is a surplus?
What is a surplus?
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When does a surplus occur?
When does a surplus occur?
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