In What Way Is the Market System Costless

question 146

Multiple Choice

In what way is the market system costless?

• A)Public goods are not sold but are provided free of charge.
• B)It does not require the costly presence of bureaucrats to coordinate it.
• C)External costs are generally very small in the market system.
• D)Many services,like television programming,are provided free of charge by the market.

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Definitions:

General Journal

A basic accounting ledger that records each financial transaction of a business in chronological order.

Transactions

The exchanges or transfers of goods, services, or funds between two or more parties.

Journal

An accounting record where all transactions are initially recorded using the double-entry bookkeeping system before their details are posted to accounts in the general ledger.

T Account

A graphical representation used in accounting to depict the debit and credit sides of a ledger for easier visualization and understanding.