The Basic Principles of Economics Suggest That

question 103

Multiple Choice

The basic principles of economics suggest that

• A)markets are seldom, if ever, a good way to organize economic activity.
• B)government should become involved in markets when trade between countries is involved.
• C)government should become involved in markets when those markets fail to produce efficient or fair outcomes.
• D)government should never become involved in markets.

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Definitions:

Rejection

The refusal to accept or agree to something, such as a proposal, offer, or contract.

Acceptance

In contract law, acceptance refers to the agreement by the party to whom an offer has been made, to the terms of that offer, resulting in a binding contract.

Art Collector

An individual or institution that acquires and possesses artworks for personal enjoyment, investment, or preservation.

Phonetic Alphabet

A system of writing developed by early Greeks that uses letters to represent spoken sounds, enabling the expression of complex ideas.