A Unique Quiz On Market System

In a market system, the government owns most of the property resources (land and capital).

Property rights encourage investment, innovation, exchange, maintence of property, and economic growth.

The freedom of business firms to produce a particular consumer good is always limited by the desires of consumers for that good.

The pursuit of economic self-interest is the same thing as selfishness.

When a market is competitive, the individual sellers of a product are unable to reduce the supply of the product and control its price.

The market system is also a communication system.

The employment of capital to produce goods and services requires that there be "roundabout" production and it is more efficient than "direct" production.

Increasing the amount of specialization in an economy generally leads to the more efficient use of its resources.

One way human specialization can be achieved is through a division of labor in productive activity.

Money is a device for facilitating the exchange of goods and services.