Short Answer Questions
Directions: Answer each question with the appropriate short response.
Short Answer Questions - Chapter 1, The Power of the Market
1. The economy functions on the basis of:
2. According to Friedman, the former Soviet economy was based on:
3. The command elements of every economy include things like:
4. Adam Smith says that voluntary exchange will not take place unless:
5. The price system functions in such a way that each individual acting in his own best interests, makes everyone better off. This concept is known as the:
6. Adam Smith wrote:
7. Which of the following is not a function of the price system:
8. The higher price of pencils results in all but the following:
9. What is a good source of information on prices and markets?
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