The Price System

question 51

Multiple Choice

The price system

• A) automatically distributes scarce goods.
• B) is inefficient.
• C) requires government help to allocate goods.
• D) is the only way to allocate goods.

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Definitions:

Flow Control Valve

Used in hydraulic circuits to regulate the speed of actuators. Functions by defining a flow area and is rated by operating pressure and capacity. It can be used in meter-in or meter-out applications. Two general types are used: bleed-off and fixed orifice.

Pitman Shaft

Part of the steering mechanism in vehicles, connecting the steering box to the steering linkage, enabling the transfer of motion to steer the wheels.

Splines

Radial lands that either protrude from or are milled into a shaft to permit it to engage with female splines for the purpose of transmitting torque.

Sector Shaft

A component of the steering mechanism in vehicles, it translates the rotational movement of the steering wheel into linear motion needed to steer the wheels.