16. The market system\'s answer to the fundamental question \"Who will get the g
ID: 1134469 • Letter: 1
Question
16. The market system's answer to the fundamental question "Who will get the goods and services?" is essentially: A. Those willing and able to pay for them." B. Those who physically produced them." C. Those who most need them. D. Those who get utility from them." 17. The invisible hand refers to the: A. fact that the U.S. tax system redistributes income from rich to poor. B. notion that, under competition, decisions motivated by self-interest promote the social interest C. tendency of monopolistic sellers to raise prices above competitive levels. D. fact that govemment controls the functioning of the market system. 18. The invisible hand promotes society's interests because: A. individuals pursuing their self-interest will try to produce goods and services that people in society want and are willing to purchase. B. individuals will produce goods for others out of concern for their fellow human beings. C. it makes sure that everyone wins from competition in the market. D. government regulation pushes business into producing the right mix of goods and services.Explanation / Answer
16) The correct answer is A
Explanation:- The market system is based on the interplay of demand and supply forces. Thus the people who get the goods and services are those who are willing to pay for them.
17) The correct answer is B
Explanation:- Invisible hand is the notion that a competitive market will allocate resources according to consumer demand, the self interest of producers being made by the invisible hand of the market to serve consumer interests more reliably than dependence on producer beneficence.
18) The correct answer is A
Explanation:- Each individual in pursuing his own self interest would be led by an invisible hand to promote the interest of society more effectively than when he deliberately intends to promote society's interest.
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.